Home Finance – Freehold Properties

The first step to owning your dream home.

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Key Benefits

Comprehensive Solutions

Product solutions suitable for all individuals seeking finance to buy, transfer or cash release for any freehold property in UAE.

Approved Projects

Vast list of approved projects to avail finance, with special handover finance packages for near to ready properties.

High Finance Amounts

Finance up to 80% of the property value for expats and 85% for UAE Nationals

Monthly Repayments

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

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

Benefits

Attractive and highly competitive profit rates linked with EIBOR, Click here to learn more about EIBOR Rates
1% Processing Fee (0% processing fee for buy-outs)
Easy documentation and quick approvals
Low rate on Life Takaful
Enrolment into Priority Banking (subject to eligibility)
Finance solutions available for transfer/registration and brokerage fee

*Please Note: Buy-out options are also available. You can transfer your existing finance from other banks and financial institution to Emirates Islamic at lower profit rates, longer tenors and lower installments.

Documentation Required

Salaried Residents:

Copy of valid passport with a valid residence visa for Expatriates and National ID for Nationals (original required for verification)
Copy of labor contract
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
Last three months pay slips (if applicable)
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 and Site Plan
- Receipts of down payment made to the seller

Salaried Non-Residents:

Copy of valid passport (original required for verification)
Original Salary Certificate less than 45 days old providing details on length of employment, current designation and salary package
Last three months pay slips (if applicable)
Documentation from your bank including
- Last 6 months bank statements reflecting salary credits
- Liability/Reference letter no more than 45 days old
- Latest tax returns for the previous 2 years (if applicable)
- Credit Bureau Report (if applicable
Originals of property details including the
- Quote/Offer Letter from the seller,
- Sale and Purchase agreement,
- Title Deed and Site Plan
- Receipts of down payment made to the seller

Self-Employed Residents:

Copy of valid passport with a valid residence visa for Expatriates and National ID for Nationals (original required for verification)
Business related documentation (originals required for verification)
- Copy of trade license
- Copy of Chamber of Commerce Registration
- Copy of Partnership Page in case of multiple partners
- Copy of Memorandum/Articles of Association
- Original Audited Financials for the last 2 years
- Copy of Labor Contract
Last 12 months Business Account Statements (6 months is acceptable but not preferred)
Last 6 months Personal Account Statements
Originals of property details including the
- Quote/Offer Letter from the seller,
- Sale and Purchase agreement,
- Title Deed and Site Plan
- Receipts of down payment made to the seller

Self-Employed Non-Resident:

Copy of valid passport (original required for verification)
Business related documentation (originals required for verification) including:
- Copy of trade license
- Copy of Chamber of Commerce Registration
- Copy of Partnership Page in case of multiple partners
- Copy of Memorandum/Articles of Association
- Original Audited Financials for the last 2 years
- Copy of Labor Contract
Documentation from your bank including
- Last 12 months Business and Personal Account statements
- Liability/Reference letter
- Latest tax returns for the previous 2 years (if applicable - original will be required for verification)
- Credit Bureau Report (if applicable)
Originals of property details including the
- Quote/Offer Letter from the seller,
- Sale and Purchase agreement,
- Title Deed and Site Plan
- Receipts of down payment made to the seller

Calculator

Eligibility Calculator

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EMI Calculator

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Takaful Terms & Conditions

Important Information regarding your Home Finance:

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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.

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