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
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
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
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.
Documentation Required - 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