Important Information regarding your Home Finance Important Information regarding your Home Finance

Finance Essentials

The monthly rental amount has two elements, fixed & variable. While the fixed portion is not subject to change, the variable portion of the EMI is subject to EIBOR movement (upward or downward) as per frequency of review agreed under the Ijarah contract.

The Emirates Interbank Offered Rate (EIBOR), also abbreviated as EBOR, is a daily reference rate, published by the UAE Central Bank, based on the averaged profit rates at which UAE banks offer funds to other banks in the United Arab Emirates dirham wholesale money market (or interbank market). For more details, please visit the Central Bank of UAE website - https://www.centralbank.ae

Each month, a part of the contractual payment you make will go towards paying off the principal and the other part will go towards the profit. To further reduce the principal outstanding, you can make a lump sum payment and partially settle your finance (at a nominal fee as per the schedule of charges).

Monthly instalment comprises of:

  • Fixed Rental Payment: Principal Portion of EMI
  • Variable Rental Payment: Profit Portion of EMI
  • Supplementary Rental Payment: Takaful Premium for Life & Property

You can check the outstanding balance of your home finance by logging on to online banking or you can call us at 600 599 995. Priority Banking customers can contact us at 800 111 22.

As per the contractual agreement signed with the Bank for construction of your house, the Bank collects rentals in advance (under account) during the period of construction from the customer & the same is realized with the first Ijarah period rental post completion after handing over of the house to the customer.

Life Takaful & Property Takaful contribution (also called as Supplementary Rental) is charged & collected along with your Home Finance instalment.

In case your instalment is not received in full or is received later than the due date, you will be charged a late payment fee (obligated amount to charity) (as per our schedule of charges). Please ensure to have sufficient funds in your account to avoid this fee.

Request Types

In order to avail an instalment deferment for your Home Finance with the bank, you can:

  • Contact us at 600 599 995. Priority Banking customers can contact us at 800 111 22.
  • Visit any of our branches in the UAE
  • Visit our dedicated Home Finance Customer Service Centre at Dubai Healthcare City or Sharjah Branch - Near Rolla Square

In order to partly settle or early settle the finance outstanding of your Home Finance with the bank, you can:

  • Contact us at 600 599 995. Priority Banking customers can contact us at 800 111 22.
  • Visit any of our branches in the UAE
  • Visit our dedicated Home Finance Customer Service Centre at Dubai Healthcare City or Sharjah Branch - Near Rolla Square

Note: while settling the outstanding finance amount partially, the bank provides the customer with the option to choose between maintaining the same instalment amount or same balance tenor.

Yes. The Due Date for the instalment of your Home Finance facility can be changed through a request being placed using one of the following options:

  • Contact us at 600 599 995. Priority Banking customers can contact us at 800 111 22.
  • Visit any of our branches in the UAE
  • Visit our dedicated Home Finance Customer Service Centre at Dubai Healthcare City or Sharjah Branch - Near Rolla Square

Note: Due Date change requests may not be accepted if the requested date is more than 3 days apart (+ or -) from the salary date of the customer.

Upon maturity of the finance facility, the customer must contact the bank using one of the following options in order to fulfil the formalities of finance closure.

  • Contact us at 600 599 995. Priority Banking customers can contact us at 800 111 22.
  • Visit any of our branches in the UAE
  • Visit our dedicated Home Finance Customer Service Centre at Dubai Healthcare City or Sharjah Branch - Near Rolla Square

The bank has an expert team of engineering works based in Nad Al Hammar branch. Please visit the branch if you have any queries /concerns or alternatively, you can write to us at homefinance@emirateisislamic.ae with details of the case seeking assistance from engineering department.

If you wish to amend the ownership/ other details in the title deed of the property, we will provide support by assigning PRO services and amended documentation to fulfil the requirement. You can approach the bank using one of the following options -