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Home Finance – Bina’a

Unique Home Financing Solutions For UAE Nationals

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Key Benefits

Comprehensive Product suite

Catering to the needs of UAE Nationals who wish to construct / buy their dream home.

High Finance Amounts

Finance up to 85% of the property value.

Monthly Repayments

Convenient monthly repayments with longer repayment tenures of up to 25 years.

Processing fee discount

For ready properties (excluding housing programs), zero pre-approval fees and 50% discount on processing fees until 31 May 2025.

Click here to view the Key Facts Statement, Schedule of Charges and other important information for this product.

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Benefits

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.

  • Financing of up to 85% 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, Click here to learn more about EIBOR Rates
  • 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

Calculator

Eligibility Calculator

Eligibility Calculator

Calculate the amount of finance you could get for your dream home.

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EMI Calculator

EMI Calculator

Calculate what your Home Finance monthly repayments might be.

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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). Click here to learn more.
  • Sharjah Housing Program (First rank mortgages)

Documentation Required

For 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), Mohammad Bin Rashid Housing Establishment (MBRHE) and Sharjah Housing Program (SHP), 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.

For Contractor Payments, please click here to view the list of documents in the required formats.

For HomeConstruct (Construction Finance Only):

  • Evidence of down payment (if applicable)
  • Approved drawings
  • Bill of quantity, signed by all parties on each page
  • Property specifications
  • Schedule of work
  • Cash Flow statement
  • Building permit
  • Demarcation certificate
  • Owner share completion (if applicable)
  • Trade License copies of contractor/consultant
  • Performance bond / bank guarantee
  • Retention bond undertaking
  • Contractor opening account with Emirates Islamic

Takaful Terms & Conditions

 

Important Information regarding your Home Finance:

Click here to learn more.

Frequently Asked Questions

There are several key differences. With a conventional home mortgage/home loan, you borrow money to buy a house and then pay the money back over a number of years. You are charged interest on the money you borrow, which is in contravention of Shari'a principles.

In Islamic Home Financing, you will identify the property that you wish to buy and the bank will purchase it on your behalf from the seller. Instead of selling the property to you, the Bank will lease it to you for an agreed period. At the same time, the Bank undertakes to provide the property as a gift to you as long you fulfill all the terms and conditions spelt out in the lease agreement.

The distinguishing feature of this mode is that the assets remain the property of the bank. Over the term of the finance, the bank becomes the landlord and you assume the role of a tenant. During this period you make monthly payments, which consist of a contribution towards the purchase price of the property (principal) and rental payments (profit / interest). When you have made enough 'capital' contributions to match the original purchase price, we transfer the property to you.

Yes, you can refinance the existing home loan facility with other banks through Emirates Islamic Home Finance.

No, Emirates Islamic does not charge any additional profit on accrued profit on any credit product granted to customers.

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