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Emirates Islamic Bank (Manzili) Home Finance

Minimum Salary
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Description

Emirates Islamic Bank’s Manzili Home Finance is a Sharia’h-compliant Ijarah Muntahia Bittamleek product offering hybrid and variable profit-rate options, financing up to 85% LTV (80% for expats), tenors up to 25 years, a 1.00% processing fee (capped AED 20,000), inclusive Takaful cover, and flexible repayment features.

Features

  1. Eligibility Criteria
  • Applicants aged 21–75 (on maturity) for UAE Nationals and Residents; case‐by‐case for expats and retirees.
  • Minimum salary AED 15,000/month (salaried) or AED 300,000 annual turnover (self-employed).
  • UAE resident—no mandatory salary transfer, but rate discounts apply for salary account holders.
  • Clean UAE credit bureau record; specialist support for first-time buyers and cash-release applicants.
  1. Finance Amount, Tenor & LTV
  • Financing Amount: AED 250,000–15,000,000 (case-by-case up to AED 30M)
  • Tenor: 12–300 months (up to 25 years)
  • LTV: up to 85% for Nationals/Residents; up to 80% for expats; under-construction capped at 75%/70% respectively
  1. Profit-Rate Options
  • Hybrid Rate:
    – Fixed for 1/3/5 years: 4.99%/5.75%/6.94% p.a.
    – Thereafter 3-month EIBOR + margin (2.99%–5.95%)
  • Variable Rate: 3-month EIBOR + margin (2.99%–5.95%) from the start
  • APR Range:27%–4.22% (includes fees & profit)

 

Detailed Schedule of Fees

Fee Type Charge
Processing Fee 1.00% of finance amount (incl. VAT), capped at AED 20,000
Valuation Fee AED 3,150 per valuation
Documentation & Study Fee AED 10,500 (incl. VAT)
Early/Partial Settlement Fee 1.00% of outstanding/prepaid amount, capped at AED 10,000
Late-Payment Penalty AED 210 per missed payment (donation basis)
Account Statement & NOC AED 100–150 per document
Loan Rescheduling/Cancellation Fee AED 250 (reschedule) / AED 150 (cancel)
Cooling-Off Period 5 working days revocation without penalty
Takaful (Life & Property) Life: 0.30% p.a. of outstanding; Property: 0.042% p.a. of property value
Other Legal & Enforcement Costs Actual solicitor-and-client expenses

Documents Required

  • Passport, Emirates ID, UAE residence visa copy (expats)
  • Salary certificate or audited trade license & financials (self-employed)
  • Last 6 months’ bank statements and liability letter
  • Sales & Purchase Agreement, title deed/Oqood, valuation report
  • Takaful proposals for life and property insurance

Additional Info

  • Sharia’h-Compliant Ijarah: Lease-to-own structure culminating in title transfer
  • Flexible Profit-Rate Choices: Hybrid fixed-then-variable or fully variable options
  • High LTV & Long Tenors: Up to 85% financing over 25 years for UAE Nationals/Residents
  • No Mandatory Salary Transfer: Apply without moving salary, with rate incentives for transfer
  • Comprehensive Takaful Cover: Life and property insurance included and financed within product
  • Balance Transfer & Cash-Release: Competitive rates and tenors for refinancing and equity release
  • Cooling-Off & Grace Periods: Five-day cancellation window and payment holidays for construction finance
  • Digital Convenience: Online pre-approval, e-signature via Emirates ID, and mobile app management

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