Sharjah Islamic Bank Tamallak Home Finance for Expats (under construction)

  •   July 17, 2017


Min SalaryAED 25,000
Flat Rate (As Advertised)3.31% p.a.
Reducing Rate (est. equivalent)6% p.a.
Arrangement Fee1%
Down payment50%
Max Finance Amount5,000,000
Fixed/VariableVariable
Early Settlement Fee2%

 

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.

Sharjah Islamic Bank Tamallak Home Finance for Expats (under construction)
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