Emirates Islamic Binaa Home Finance

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Emirates Islamic Bank

Binaa Home Finance

Minimum Salary

AED 8K

Flat Rate

3.09%

Reducing Rate

5.1%

Loan Amount

AED 15000K

Early Settlement Fee

1%

Arrangement Fee

1%

Down Payment

20%

Repayments Up To

25 Years

Advantages

  • Quick processing
  • No salary transfer
  • Avail takaful insurance
Apply Now
minimum salary

AED 8K

Minimum Salary

flat rate

3.09%

Flat Rate

reducing rate

5.1%

Reducing Rate

max finance

AED 15000K

Loan Amount

early settlement fee

1%

Early Settlement Fee

arrangement fee

1%

Arrangement Fee

down payment

20%

Down Payment

repayment

25 Years

Repayments Up To

Advantages

  • Quick processing
  • No salary transfer
  • Avail takaful insurance
Apply Now

View details on bank page

Features

  • Follows Islamic banking principles
  • Only salaried individuals are eligible
  • Only UAE Nationals are eligible
  • Minimum salary of AED 8000 is required
  • Home Finance is provided at a fixed interest rate of 3.09%
  • Home Finance is provided on a reducing interest rate of 5.10%
  • Salary transfer to Emirates Islamic Bank account is not required
  • Maximum loan amount provided is AED 15000000
  • Takaful insurance for life and property is required
  • 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
  • 1% of outstanding loan amount is charged on early settlement

Benefits

  • Low salary requirement
  • Provides takaful life insurance
  • Low insurance rates
  • Competitive profit rates
  • Quick processing of loan
  • Hassle free documentation
  • Salary transfer is not required
  • Provides loan for purchasing commercial properties
  • Provides finance for purchasing under construction properties

Frequently Asked Questions

⭐ How long does it take for processing my loan application?

A. It would take a maximum of 48 hours for processing your applicant and get a status of your applicant.

⭐ Do I get finance for commercial properties too?

A. Yes, you can finance for commercial properties also.

⭐ Can I get a loan for under construction properties?

A. Yes, Binaa finance provides loan for under construction properties too.

⭐ What is the minimum salary required to be eligible for the loan?

A. The minimum salary required to be eligible for the finance from Emirates Islamic Bank is AED 8000.

⭐ Do I need to provide any proofs for the down payment made?

A. Yes, if you have any documents regarding the down payment made, then you can provide it.

⭐ Are self-employed individuals eligible?

A. No, self-employed individuals are not eligible for Binaa Finance.

⭐ How many months bank statements are required?

A. The loan applicant needs to provide last 6 months bank statements where your salary is getting credited to.

⭐ Is it mandatory to get life insurance?

A. Yes, life insurance is mandatory.

⭐ What are the insurance rates?

A. Under Binaa finance 0.35% of the outstanding loan amount will be charged as takaful insurance rate.

⭐ How does HomeLease of Binaa home finance work?

A. Under Binaa Home finance, the bank purchases the property of your choice and leases it to you. You just need to pay the bank monthly installments and by the tenure, the house will be yours.

Emirates Islamic

In order to deliver high standards of banking services, Emirates Islamic Bank was established in the year 2004. The bank is aimed to deliver services in accordance with the standards of Shariah principles. It offers a wide range of products that are designed exclusively for individuals, small businesses and large corporations.

   Get in touch with Emirates Islamic Customer Care

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