Amlak Finance Amlak Ijarah

amlak-finance Bank

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Amlak Ijarah

Minimum Salary

AED 15K

Flat Rate

4%

Reducing Rate

7.25%

Loan Amount

AED 10000K

Early Settlement Fee

1%

Arrangement Fee

1%

Down Payment

20%

Repayments Up To

25 Years

Advantages

  • Salary transfer is not mandatory
  • Get pre approval
  • Can avail buyout facility

AED 15K

Minimum Salary

4%

Flat Rate

7.25%

Reducing Rate

AED 10000K

Loan Amount

1%

Early Settlement Fee

1%

Arrangement Fee

20%

Down Payment

25 Years

Repayments Up To

Advantages

  • Salary transfer is not mandatory
  • Get pre approval
  • Can avail buyout facility

Features

  • Follows Islamic banking principles
  • Minimum salary of AED 15000 is required
  • Home Finance is provided at a fixed interest rate of 4%
  • Home Finance is provided on a reducing interest rate of 7.25%
  • Salary transfer is optional
  • Maximum loan amount provided is AED 250,000
  • 1% of the total loan amount is charged as 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
  • Provides loan for both commercial and residential properties 1% of outstanding loan amount is charged on early settlement

Benefits

  • Follows Islamic banking laws
  • No salary transfer is required
  • Low-profit rates
  • Can get pre-approval details
  • Provides loan for commercial properties also
  • Buyout loan facility is available
  • Quick and hassle free documentation

Frequently Asked Questions

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

A. Yes, you can avail partial settlement facility.

Q. What are the charges associated with the partial settlement?

A. You need to pay 1% of the outstanding loan amount as partial settlement fees.

Q. Does this work on sharia principles?

A. Yes, Amlak finance follows Islamic principles.

Q. What is the maximum tenure the loan is provided for?

A. The loan is provided for a maximum tenure of 25 years.

Q. What is the maximum tenure provided for purchasing commercial properties?

A. For commercial properties finance the maximum tenure the loan is provided for is 10 years.

Q. Are self-employed individuals eligible for Amlak finance?

A. Yes, self-employed UAE and GCC residents are eligible for getting a loan at Amlak Finance.

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

A. The applicant needs to be of/between 21-70 years to be eligible for Amlak Finance.

Q. Are GCC residents eligible to get a loan from Amlak Finance?

A. Yes, Amlak finance provides a loan to GCC residents too.

Q. Do I need to transfer my salary to Amlak Finance?

A. No, the salary transfer is not mandatory.

Q. Can I get details on pre-approval of the loan?

A. Yes, you can know the loan amount that will be approved i.e the pre-approval details can be known.

Q. Do I need to pay anything to get pre-approval details?

A. Yes, 1% of the loan amount approved will be charged to get pre-approval details.

Amlak Finance

Amlak finance is the first Islamic financial institution that specialized in home and property finance services. Being an Islamic corporation, all Amlak finances are governed by the laws of the Shariah.

Amlak Ijarah is the basic home finance product from Amlak. Amlak buys the property for you and leases it with a promise to sell at the end of the lease term. You only have to pay back the money with the interest.