This finance is sharia-compliant.
For Government housing schemes, a minimum down payment of 15% is required, and for other properties down payment starts from 20%.
Finance repayment period of up to 25 years.
You require a minimum salary of AED 7,000 per month to be eligible.
It is not a requirement to transfer your salary to apply
The processing fee is 1% of finance amount for Ijarah transactions, and there is no fee on balance transfer.
The early settlement fee is 1% of the outstanding finance amount, with a cap at AED 10,000.
Group takaful rates offered upto 0.03% per month
The profit rate starts at 3.24% variable. The rate is calculated as a reducing rate.
This rate is variable, based on the Central Bank's 6 month EIBOR rate plus a bank margin.
The reducing rate of this finance is 3.24% and the equivalent flat rate is 1.79%. The calculation used is a division of the reducing rate by 1.814 and this is indicative only.
Any ready property which can be registered in the name of the customer in the relevant authority (across UAE). Financing for under construction properties in UAE is also offered for Government Housing Scheme – Mohammed Bin Rashed Establishment.