Catering to the needs of UAE Nationals who wish to construct / buy their dream home.
Finance up to 85% of the property value.
Convenient monthly repayments with longer repayment tenures of up to 25 years.
Engineering and project monitoring services available at no additional cost for under construction properties.
Click Here to view the Key Facts Statement, Schedule of Charges and other important information for this product.
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.
* Please Note: For Government/Semi-Government organizations, salary credited to the customer's Emirates Islamic Back Account will be considered as evidence of assignment.
Click here to learn more.
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.