HOME FINANCE - BINA'A

Unique Home Financing Solutions For UAE Nationals

Bina'a Home Finance has been specially designed to suit the needs of UAE nationals like you. Based on the principles of Shari'a, Bina'a offers three customized solutions that have been tailored to meet your specific financial and personal requirements. Each of these solutions offers you a combination of competitive rates, long tenures coupled with quick and efficient processing. You can choose from the following solutions:

BINA'A HOMECONSTRUCT

Giving you the flexibility to build your home the way you always wanted it to be. Using the Islamic principle of Forward Ijarah, the bank finances the construction of the property. Once completed, we lease the property back to you under the agreed repayment plan.

Benefits

Financing of up to 80% of the current market value of your selected property
High finance amounts
Quick approval process and fast turnaround
Attractive and highly competitive profit rates linked with EIBOR
Longer repayment tenures of up to 25 years
Convenient monthly repayments on a variable rate basis as applicable
Takaful coverage to protect your family in the event of an unforeseen event leading to injury or loss of life
Minimal documentation and low processing rates
Engineering and project monitoring services available at no additional cost for under construction properties

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BINA'A HOMELEASE

Select a completed property that you are interested to buy and we will finance it for you. Using the Islamic principle of Ijarah, the bank purchases the property you want and then leases it back to you at a flexible rental/installment. At the end of the lease tenure, the property is handed back to you at a nominal price. HomeLease also offer you the option to buyout your existing mortgage with another financial institution at highly competitive profit rates and longer lease tenures.

Benefits

Financing of up to 80% of the current market value of your selected property
High finance amounts
Quick approval process and fast turnaround
Attractive and highly competitive profit rates linked with EIBOR
Longer repayment tenures of up to 25 years
Convenient monthly repayments on a variable rate basis as applicable
Takaful coverage to protect your family in the event of an unforeseen event leading to injury or loss of life
Minimal documentation and low processing rates

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BINA'A HOMEINVEST

Let the investment in your home give you greater financial flexibility. Utilizing the Islamic principles of Musharakah and Ijarah, the bank purchases a "common share" in your property and leases it back to you. You can use this inflow of cash to invest, plan a vacation, and plan for your children's education and more. Flexible monthly rentals help you manage your finances during the lease period, at the end of which, the bank sells the "common share" of the property back to you at a nominal price.

Benefits

Financing of up to 80% of the current market value of your selected property
High finance amounts
Quick approval process and fast turnaround
Attractive and highly competitive profit rates linked with EIBOR
Longer repayment tenures of up to 25 years
Convenient monthly repayments on a variable rate basis as applicable
Takaful coverage to protect your family in the event of an unforeseen event leading to injury or loss of life
Minimal documentation and low processing rates

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Finance Amount

Min AED 100,000

Max AED 20,000,000

AED

Tenor (Years)

Profit Rate (% p.a.)

Calculate

Home Finance

Monthly Payment (AED)

AED

* Above mentioned values are indicative, Terms and Conditions apply

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Important Information regarding your Home Finance:

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Types of Developments

Restricted Properties (areas in which properties are allowed only for UAE nationals) across all seven Emirates
Construction finance is available on granted land with first rank and second rank mortgages.
Mohammed Bin Rashid Housing Establishment (Second rank mortgages)
Sheikh Zayed Housing Program (Second rank mortgages)
Sharjah Housing Program (First rank mortgages)

Documentation Required - Salaried UAE Nationals

Copy of valid passport (original required for verification)
Copy of "Khulasat Al Qaid" or National ID (original required for verification)
Original Salary Certificate less than 45 days old providing details on length of employment, current designation and salary package OR
Salary Transfer Letter in case Salary is transferred to Emirates Islamic containing details on length of service, current designation and salary package.*
Last 6 months bank statements reflecting salary credits
Liability letter less than 30 days old reflecting borrowings with the bank to which your salary is transferred
Originals of property details including the
- Quote/Offer Letter from the seller,
- Sale and Purchase agreement,
- Title Deed/Mulkia and Site Plan
- In case of Sheikh Zayed Housing Program (SZHP) and Mohammad Bin Rashid Housing Establishment (MBRHE) copy of valid facility approval

* Please Note: For Government/Semi Government organizations, salary credited to the customer's Emirates Islamic Back Account will be considered as evidence of assignment.