Sharjah Islamic Bank Tamallak Home Finance for Expats (ready properties)

  •   July 17, 2017


Min SalaryAED 25,000
Flat Rate (As Advertised)2.75% p.a.
Reducing Rate (est. equivalent)4.99% p.a.
Arrangement Fee1%
Down payment25%
Max Finance Amount5,000,000
Fixed/VariableFixed Then Variable
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 your first property, the down payment is 25% if the property value is under AED 5M and 35% if property value is above AED 5M. For your second property, the down payment is 40%.
  • 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%.
  • The profit rates start at 4.99% for salaried individuals and 5.29% for self employed individuals. This is a reducing rate, and it will vary according to customer profile.
  • This rate is fixed for the first three years. Thereafter, it is a variable rate based on the Central Bank’s 6 month EIBOR plus a bank margin of 3.75% for salaried and 4.25% for self employed.
  • The reducing rate of this finance is 4.99% and the equivalent flat rate is 2.75%. 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.

Sharjah Islamic Bank Tamallak Home Finance for Expats (ready properties)
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