EIBOR Relief EIBOR Relief

UAE National EIBOR Relief Program for Home Finance

As per the Central Bank of the UAE program, initiated w.e.f. July 2023, Emirates Islamic is extending support to UAE National customers, who have an existing home finance facility for self-occupied residential properties and are financially burdened with instalments due to frequent increases in EIBOR rates.

Emirates Islamic is committed to assisting its customers, by supporting them during these tough times.

Key Benefits

Approved Projects

Vast list of approved projects to avail finance, with special handover finance packages for near to ready properties.

Comprehensive Solutions

Product solutions suitable for all individuals seeking finance to buy, transfer or cash release for any freehold property in UAE.

High Finance Amounts

Finance up to 80% of the property value for expats and 85% for UAE Nationals

Monthly Repayments

Convenient monthly repayments with longer repayment tenures of up to 25 years.

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Features and Services

  • Initiative by Central Bank of UAE, to support UAE Nationals
  • Relief Program solutions stipulated by Central Bank of UAE
    • For monthly income > 40K - DSR increase up to 60% (current threshold is 50%)
    • For monthly income < 40k - tenor increase up to 30 years (DSR to be maintained at 50%)
  • Also, temporary profit rate revisions on a case-to-case basis (as applicable)
  • No administrative fees / charges will be applicable under this program

Eligibility

  • Finance facility availed for Self-Occupied Residential Properties
  • Applicable for Home Finance under variable rates & increase in installments is due to EIBOR rate increase
  • Applicable to customers who have not availed any material finance/other facilities from other banks, after availing the Home Finance through Emirates Islamic

Key Information

  • Revised term under this program to be extended through Emirates Islamic, based on written consent from customers
  • Re-assessment of your affordability will be done regularly based on your current income and liabilities (including information through Credit Agencies, AECB, etc.)
  • The revised terms is applicable only till such period that your finance repayment affordability returns to threshold set by Central Bank of UAE, under the EIBOR Relief program
  • No further Finance can be availed by customers, who have availed the benefits under relief program, as long as the relief program solution is active for Home Finance facility
  • ACEB will be informed about the customer’s acceptance of relief under this program & credit history may be impacted
  • All requisite information stipulated by Emirates Islamic must be furnished by the customers to avail proposed benefits under the relief program
  • Relief solutions under the program will be within the terms regulated by Central Bank of UAE, under circular ref. 3435.2023

Documents Required

  • Application Form - HF UAE National EIBOR Relief Program
  • Passport & Emirates id copies
  • Document to assess self-occupied status (Utility bills)
Salaried Self Employed
Salary Certificate or 3 month pay slips (if salary certificate is not available) Trade License
6 months bank statement or FTS 6 months bank statements or FTS
  Financials (if required)
Any additional latest income proof that was provided initially, at the time of original Home Finance approval (e.g. Rental Income, Pension Income etc.)

Contact Us

Call us at: 600 599995
OR
Mail us at: [email protected]
OR
Visit us at our Home Finance Customer Service Center at Dubai Healthcare City Branch.

Frequently Asked Questions

This relief program is available for UAE national customers having an active home finance for a Self occupied residential property and who is witnessing financial burden on monthly instalments due to increase in EIBOR Rates.

Home Finance (excluding under construction).

30 Years (subject to income below AED 40k), otherwise 25 years.

No, however any external charges not related to Bank will still be borne by customers.

No, as stipulated by CBUAE, customers who have accepted the revised terms under this program are refrained from obtaining additional facilities.

Please review the eligibility criteria and if you fall within the defined scope and in case if you have any further queries related to the program, you may call us at 600 599995 or visit us at Dubai Healthcare City Branch for assistance.

Revision of Tenor, DSR &/or Profit Rate (as applicable), subject to CB UAE guidelines under ref. 3435.2023. Please note other bank conditions might also apply.

Yes, as per mandate from CB UAE, all beneficiaries of this program have to be reported to AECB on monthly basis.

No, it is applicable for Salaried, Self Employed and Pensioners, provided the customer meets the eligibility criteria.

Yes, if earlier relief solution was outside the scope of this program & customer is eligible within the guidelines of the relief program for EIBOR impact, T&Cs apply.

Basic documents are to be provided as mentioned on our website under documentation section (link). Any additional documents may be required on case to case basis.

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