⚡ Sharjah Islamic Bank Sib Tamallak Home Finance For Expats Under Construction

This finance is sharia-compliant. For self construction, the down payment is 50%. Finance repayment period of up to 25 years. You require a minimum salary of AED 25,000 per month to be eligible. For self employed customers you require a minimum credit turnover of AED 30,000 per month Not Required The processing fee is 1% of the finance amount (Min AED 2,000). The early settlement fee for this finance is 1.00% of the outstanding amount (principal + profit) to date. The bank has the discretion to waive any or all of the total outstanding profit. FALSE For off plan properties the profit rates start at 6.5% during construction and 6% after construction. This is a reducing rate, and it will vary according to customer profile. This is a variable rate. During construction it is based on Fixed rate of 6.50%. After construction it is based on the Central Bank's 6 month EIBOR plus a bank margin of 3.75%. The reducing rate of this finance is 6% and the equivalent flat rate is 3.3%. The calculation used is a division of the reducing rate by 1.814 and this is indicative only Properties in Sharjah, Dubai and Abu Dhabi.

Min. Salary	AED 25,000
Flat Rate (est. equivalent)	From 3.31% p.a.
Reducing Rate (est. equivalent)	From 6% p.a.
Arrangement Fee	1%

Downpayment	50%
Max Finance Amount	AED 3M
Fixed/Variable	Fixed Then Variable
Early Settlement Fee	1%

Great for

Finance available for any under construction property

Be Aware

High minimum salary requirement to apply for this loan
There is a down payment requirement

Main Benefits

Finance amount up to AED 3 million with a repayment period of 25 years.

Overview of Features

This finance is sharia-compliant.
For self construction, the down payment is 50%.
Finance repayment period of up to 25 years.
You require a minimum salary of AED 25,000 per month to be eligible. For self employed customers you require a minimum credit turnover of AED 30,000 per month
Not Required
The processing fee is 1% of the finance amount (Min AED 2,000).
The early settlement fee for this finance is 1.00% of the outstanding amount (principal + profit) to date. The bank has the discretion to waive any or all of the total outstanding profit.
FALSE
For off plan properties the profit rates start at 6.5% during construction and 6% after construction. This is a reducing rate, and it will vary according to customer profile.
This is a variable rate. During construction it is based on Fixed rate of 6.50%. After construction it is based on the Central Bank's 6 month EIBOR plus a bank margin of 3.75%.
The reducing rate of this finance is 6% and the equivalent flat rate is 3.3%. The calculation used is a division of the reducing rate by 1.814 and this is indicative only
Properties in Sharjah, Dubai and Abu Dhabi.