Product solutions suitable for all individuals seeking finance to buy, transfer or cash release for any freehold property in UAE.
Vast list of approved projects to avail finance, with special handover finance packages for near to ready properties.
Finance up to 80% of the property value for expats and 85% for UAE Nationals
Convenient monthly repayments with longer repayment tenures of up to 25 years.
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*Please Note: Buy-out options are also available. You can transfer your existing finance from other banks and financial institution to Emirates Islamic at lower profit rates, longer tenors and lower installments.
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There are several key differences. With a conventional home mortgage/home loan, you borrow money to buy a house and then pay the money back over a number of years. You are charged interest on the money you borrow, which is in contravention of Shari'a principles.
In Islamic Home Financing, you will identify the property that you wish to buy and the bank will purchase it on your behalf from the seller. Instead of selling the property to you, the Bank will lease it to you for an agreed period. At the same time, the Bank undertakes to provide the property as a gift to you as long you fulfill all the terms and conditions spelt out in the lease agreement.
The distinguishing feature of this mode is that the assets remain the property of the bank. Over the term of the finance, the bank becomes the landlord and you assume the role of a tenant. During this period you make monthly payments, which consist of a contribution towards the purchase price of the property (principal) and rental payments (profit / interest). When you have made enough 'capital' contributions to match the original purchase price, we transfer the property to you.
Yes, you can refinance the existing home loan facility with other banks through Emirates Islamic Home Finance.