Mashreq Al Islami Home Finance for Residents

Minimum Salary
15.000,00 د.إ

Flat Rate
AED 3.36%

Reducing Rate
5.49 %

Maximum Term
25 Years

Monthly Payment
AED 4,601

Description

Home Finance from Mashreq Al Islami brings you a Sharia’h compliant offering that is convenient and beneficial in all aspects. With our high finance amounts, facility tenor of up to 25 years, attractive profit rates and quick turnarounds it makes the process of financing your dream home as smooth as possible. Our experienced home finance representatives will visit you at your convenience, to provide a detailed walkthrough of the application process.

Major Advantage: Fixed rate options also available, Free partial settlement up to 25%, Sharia’h Compliant

Points to Consider: You need to transfer your salary to get better rate options

Features

Profit Rates & Charges:

Reducing Rate (as advertised): 5.49% fixed for 3 years

Flat Rate: 3.36% p.a.

Pre-Approval Fees: Nil

Processing Fees: 0% of finance amount (Nil for Buyout Cases/ 1% for Low doc case)

Early Settlement Fees: 1% of outstanding amount (max cap AED 10,000)

Partial Settlement Fees: Up to 25% of outstanding amount (once a year)

Requirements:

Minimum Salary Requirement: AED 15,000

Minimum Length of Service Required: 6 Months

Salary Transfer: Not Compulsory

Minimum Down payment:

For first property (If property price < AED 5M): 20% for UAE national, 20% for Expats
For first property (If property price > AED 5M): 30% for UAE national, 35% for Expats
For second property: 35% for UAE national, 40% for Expats
For under construction property: 50%

Key Details:

Maximum Finance Amount: AED 18,000,000

Islamic Finance: Yes, available

Maximum Term: 25 Years

Finance available for: Ready properties in Dubai, Abu Dhabi

Takaful (Compulsory):

Life Takaful: 0.165% p.a.

Property Takaful: 0.06% p.a.

Documents Required

Common Documents:

Valid Passport, Resident Visa and Emirates ID Copy.
Proof of All Personal Ongoing Finance.
Rental Income Document (If any).
Property Documents (If Property is Finalized or Equity Release).
Liability Letter (In case of Buyout Finance only).
Relevant property documents.

Salaried Client Documents:

Latest Salary Certificate addressed to RAK BANK.
Latest 6 Months Personal Bank Statement.
Six months Pay slips if there is variance in Salary.
Salary Transfer Letter (required after pre-approval).

Self-Employed Client Documents:

Valid Trade Company license.
MOA (Memorandum of Association) including all amendments.
Latest 6 Months Personal Bank Statement.
Latest 6 Months Company Bank Statement.
Audit Financials of last 2 years.
Offer Letter Copies of All Company Ongoing Finance (For Self Employed).

Additional Info

All info mentioned can change at any point of 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.