Al Hilal Bank Switch Over - Ready Property (Self use)

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Switch Over - Ready Property (Self use)

Minimum Salary

AED 15K

Flat Rate

1.93%

Reducing Rate

3.5%

Loan Amount

AED 10000K

Early Settlement Fee

1%

Arrangement Fee

0%

Down Payment

25%

Repayments Up To

25 Years

AED 15K

Minimum Salary

1.93%

Flat Rate

3.5%

Reducing Rate

AED 10000K

Loan Amount

1%

Early Settlement Fee

0%

Arrangement Fee

25%

Down Payment

25 Years

Repayments Up To

Features

  • Both self-employed and salaried individuals are eligible
  • Provides finance for completed properties
  • Minimum salary of AED 15000 is required
  • Home Finance is provided at a fixed interest rate of 1.93%
  • Home Finance is provided on a reducing interest rate of 3.5%
  • Salary transfer is not required
  • Maximum loan amount provided is AED 10000000
  • Life and property insurance is required
  • 0% processing fees
  • The loan is provided for a maximum tenure of 25 years
  • 20% of the property value should be paid as the down payment
  • 1% of outstanding loan amount is charged on early settlement

Benefits

  • Can transfer existing mortgage loan from another bank
  • No processing fees
  • Can avail partial settlement option
  • No property insurance charges
  • Provides life and property insurance on Islamic laws
  • Low-profit rates
  • A high amount of finance is provided
  • Salary transfer is optional
  • Quick processing of loan

Frequently Asked Questions

Q. What are the charges for property insurance?

A. Property insurance charges are paid by the bank.

Q. Can I transfer my existing mortgage loan from another bank?

A. Yes, you can transfer your existing mortgage loan to Al Hilal Bank.

Q. What is the processing fees for buyout loan?

A. If you transfer your mortgage loan from another bank to Al Hilal bank, there are no arrangement fees.

Q. On what basis the interest rates are provided?

A. The interest rates are based on EIBOR.

Q. Do I need to get some medical check-up for the life insurance?

A. Yes, a medical check-up is required and can get it done at your doorstep.

Q. Can I clear my loan by making partial payments?

A. Yes, Al Hilal bank provides partial payments facility.

Q. What is the minimum age required to be eligible for the finance?

A. The loan applicant needs to be of minimum 21 years to be eligible for the finance.

Q. Is salary certificate a mandatory document?

A. Yes, for salaried individuals salary certificate is a mandatory document.

Al Hilal

An Islamic bank, headquartered in Abu Dhabi, the Al Hilal Bank was founded by the Abu Dhabi Investment Council and is a government of Abu Dhabi undertaking. The bank was founded in 2008, and currently, has over 25 branches and a network of more than 100 ATMs across the UAE. According to the bank, the Al Hilal bank works with a mission, “To contribute to the national growth and prosperity of the UAE whilst raising the positive profile of Islamic banking globally, in turn, creating value for all stakeholders.”

Corporate Values of the Al Hilal Bank:

  • Principled: Doing what is right is always the right thing to do. The Performance with consistency.
  • Professional: Providing answers to questions, attending quickly and efficiently to requests and solving problems on the spot.
  • Progressive: Making banking simpler, easier and faster for you.
  • Partnership: A bank that values you, for being you. A bank that helps you make things happen.