Emirates Islamic Manzili Home Finance

Minimum Salary
20.000,00 د.إ

Flat Rate
AED 2.33%

Reducing Rate
3.99 %

Maximum Term
25 Years

Monthly Payment
AED 3,955

Description

Manzili Home Finance solutions are designed to make owning your home a reality for expatriates. Available for rates as low as 3.99% per annum, Manzili Home Finance is based on the principles of Shari’a and is designed to suit your financial capabilities and personal requirements. Choose from a wide variety of ready properties with a transparent pricing structure linked to the 3 month EIBOR.

Major Advantage: Lowest rates

Points to Consider: High salary requirement

Features

Profit Rates & Charges:

Reducing Rate (as advertised): Starting from 3.99% p.a.

Flat Rate: 2.33% p.a. (as per 25 years calculation)

Processing Fees: 0% of the finance amount (1% on Cash Release)

Property Valuation Fees: Nil

Early Settlement Fees: 1% of outstanding amount

Partial Settlement Fees: 1% of the amount partially paid

Finance Requirements:

Minimum Salary Requirement: AED 20,000

Minimum Length of Service Required: 6 Months for salaried

Salary Transfer: Not Compulsory

Minimum Downpayment:

For first property (If property price < AED 5M): 15% for UAE national, 20% for Expats
For first property (If property price > AED 5M): 30% for UAE national, 30% for Expats
For second property: 35% for UAE national, 40% for Expats

Key Details:

Maximum Finance Amount: AED 20,000,000

Islamic Finance: Yes

Maximum Term: 25 Years

Finance available for: All approved properties with titled deed (ready property)

Takaful (Compulsory):

Life Takaful: 0.1223% p.a. on outstanding balance

Property Takaful: 0.05% p.a. of the property value

Documents Required

Common Documents:

Valid Passport, Resident Visa and Emirates ID.
Offer Letter Copies of All Personal Ongoing Finance.
Rental Income Document (If any).
Liability Letter (In case of Buyout Finance only).
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 Common Documents:

Latest Salary Certificate addressed to Emirates Islamic Bank.
Latest 6 Months Personal Bank Statement.
Three months Pay slips if there is variance in Salary.

Resident Salaried Client Documents:

Salary Transfer Letter if transferring salary to Emirates Islamic.
Copy of Labor contract.

Non-Resident Salaried Client Documents:

Reference letter from your current bank.
Credit bureau report (if applicable).

Self-Employed Common Documents:

Valid Company Trade license.
MOA (Memorandum of Association) including all amendments.
Copy of Chamber of Commerce Registration.
Copy of Partnership Page in case of multiple partners.
Copy of Labor Contract.
Latest 6 Months Personal Bank Statement.
Latest 12 Months Company Bank Statement.
Audit Financials of last 2 years.
Offer Letter Copies of All Company Ongoing Finance.

Extra Documents for Non-Resident Self-Employed Client:

Latest tax returns of last 2 years.
Credit bureau report (if applicable).
Offer Letter Copies of All Company Ongoing Finance.

Additional Info

All info mentioned can change at any point in time as per the discretion of the bank. The Bank will determine eligibility. All info above is subject to change.
Reducing rate is converted into flat rate as per 25 years calculation.
Terms and conditions apply.