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Sharjah Islamic Bank Tamallak Home Finance for Expats (ready properties)

Sharjah Islamic Bank Bank

WarningMessage This product is discontinued by the Bank

Tamallak Home Finance for Expats (ready properties)

Minimum Salary

AED 25K

Flat Rate

2.75%

Reducing Rate

4.99%

Loan Amount

AED 5000K

Early Settlement Fee

2%

Arrangement Fee

1%

Down Payment

25%

Repayments Up To

25 Years

Advantages

  • Flexible tenure
  • Hassle free documentation
  • Takaful life insurance
minimum salary

AED 25K

Minimum Salary

flat rate

2.75%

Flat Rate

reducing rate

4.99%

Reducing Rate

max finance

AED 5000K

Loan Amount

early settlement fee

2%

Early Settlement Fee

arrangement fee

1%

Arrangement Fee

down payment

25%

Down Payment

repayment

25 Years

Repayments Up To

Advantages

  • Flexible tenure
  • Hassle free documentation
  • Takaful life insurance

Features

  • Both self-employed and salaried individuals are eligible
  • Provides finance for completed properties
  • Minimum salary of AED 25000 is required
  • Home Finance is provided at a fixed interest rate of 2.75%
  • Home Finance is provided on a reducing interest rate of 4.99%
  • Salary transfer is required
  • Maximum loan amount provided is AED 5000000
  • Life and property insurance is required
  • 1% of the total loan amount is charged as processing fees
  • The loan is provided for a maximum tenure of 25 years
  • 25% of the property value should be paid as the down payment
  • 2% of outstanding loan amount is charged on early settlement

Benefits

  • A high amount of finance is provided
  • Provides takaful life insurance
  • Less documentation
  • Low-profit rates
  • Longer tenure to repay the loan
  • Low insurance rates

Frequently Asked Questions

⭐ Is it mandatory to transfer the salary?

A. Yes, salary transfer to Sharjah Islamic Bank is mandatory.

⭐ What are the fees for property insurance?

A. 0.04% of the property value is charged as property insurance.

⭐ Is the life insurance provided on takaful principles?

A. Yes, takaful life insurance and property insurance are provided.

⭐ What is the downpayment if the property value is more than 5 million?

A. If the property value is more than AED 5 Million then you need to pay 35% down payment.

⭐ Can I get finance to purchase properties anywhere in UAE?

A. Sharjah Islamic Bank provides finance to purchase properties only at Sharjah, Abu Dhabi, and Dubai.

⭐ For how many months do I have pay on fixed rates basis?

A. You need to pay your interest rates on fixed rates basis for 3 years.

⭐ How many months bank statements should be submitted?

A. You need to submit last 6 months bank statements.

⭐ Do I need to provide any documentation regarding my salary transfer?

A. Yes, salary transfer to Sharjah Islamic Bank is required and you should submit a valuation certificate regarding that.

⭐ Do I need to provide trade license?

A. Yes, self-employed expats are required to provide trade license for validation.

Sharjah Islamic

Established in 1975 through an Amiri decree, the bank was initially known as the National Bank of Sharjah. In 2002, the bank was the first bank to convert to Islamic Banking and was renamed as Sharjah Islamic Bank (SIB). SIB has a Vision 'to be the bank of choice, delivering creative customer solutions based on Islamic principles of partnership, trust & equality for all’. The values followed by them are :

  • Bonding and Harmony
  • Compliance
  • Learning and Self Development
  • Social Responsibility
  • Creativity and Innovation

   Get in touch with Sharjah Islamic Bank Customer Care