The Pre-approval letter does not reflect the final approval until such time a final Offer Letter is issued for a specific property and accepted by you. This includes satisfactory fulfillment of all the terms and conditions as mentioned in the final Offer Letter.
This approval is subject to the Finance to Value ratio applicable, for the chosen type of facility and property (residential/commercial/others), as per the policy of Emirates Islamic, Accordingly, the applicable finance amount, profit rate and fees/charges will be mentioned in the final offer letter.
Completion of all documentation applicable to the relevant financing structure.
Bank will be charging the profit on Home Finance Facility at the profit rate mentioned in the Agreement. Emirates Islamic calculates the profit on the basis of a 365 day calendar year and accrues daily. The facility you will avail with Emirates Islamic will be based on EIBOR, the total profit rate may vary based on the UAE Central Bank’s calculation of the EIBOR.
The approval and grant of this offer is subject to the satisfactory execution and completion of all financing documents and collateral registration formalities relating to the selected property. Details of the financing documents will be provided in the final offer letter.
Emirates Islamic reserves the right to decline financing any property that it may not deem fit for financing.
The conditional pre-approval is approval is valid for a period of 60 days from the date of issuance.
The Maximum Finance Amount, Tenor and the Down payment percentage mentioned in the Pre-approval and any other terms are indicative only and may be varied by Emirates Islamic at its sole discretion.
This conditional approval is subject to change with no prior notice and without any liability on the Bank or any of its officers.
Life takaful and Property Takaful to apply every month. Please refer Schedule of Charges for more details.
Property Valuation report is required and cost to be borne by the customer.
While the above terms are generally applied across all pre-approvals, there might specific conditions that will be specified in the pre-approval, those might need to be complied as well.
