| Min Salary | AED 25,000 |
| Flat Rate (As Advertised) | 3.31% p.a. |
| Reducing Rate (est. equivalent) | 6% p.a. |
| Arrangement Fee | 1% |
| Down payment | 50% |
| Max Finance Amount | 5,000,000 |
| Fixed/Variable | Variable |
| Early Settlement Fee | 2% |
MAIN BENEFITS
- Finance amount up to AED 5 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
- It is a requirement to transfer your salary to apply.
- The processing fee is 1% of the finance amount (Min AED 2,000).
- The early settlement fee for this finance is 2% of the outstanding amount (principal + profit) to date. The bank has the discretion to waive any or all of the total outstanding profit.
- The property takaful fee is 0.04%.
- 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 the Central Bank’s 6 month EIBOR plus a bank margin of 4%. 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.