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Standard Chartered Saadiq Home Finance

Standard Chartered Bank

Saadiq Home Finance

Minimum Salary

AED 10K

Flat Rate

1.85%

Reducing Rate

3.35%

Loan Amount

AED 18000K

Early Settlement Fee

1.05%

Arrangement Fee

0.525%

Down Payment

20%

Repayments Up To

25 Years

Advantages

  • Free debit card
  • Life takaful is not mandatory
  • Follows Sharia laws
minimum salary

AED 10K

Minimum Salary

flat rate

1.85%

Flat Rate

reducing rate

3.35%

Reducing Rate

max finance

AED 18000K

Loan Amount

early settlement fee

1.05%

Early Settlement Fee

arrangement fee

0.525%

Arrangement Fee

down payment

20%

Down Payment

repayment

25 Years

Repayments Up To

Advantages

  • Free debit card
  • Life takaful is not mandatory
  • Follows Sharia laws

View details on bank page

Features

  • This follows takaful principles
  • Minimum salary of AED 10000 is required
  • Home Finance is provided at a fixed interest rate of 1.85%
  • Home Finance is provided on a reducing interest rate of 3.35% within fixed rate period, thereafter it will be repriced annualy based on Prescribed Margin + 12M EIBOR
  • Salary transfer to Standard Chartered Bank account is optional
  • The loan is provided for a maximum tenure of 25 years
  • Property insurance is compulsory; Life Takaful is not mandatory
  • 0.525% of the total loan amount is charged as processing fees
  • Maximum loan amount provided is AED 18000000
  • UAE Nationals: 20% of the property value should be paid as the down payment(On ready properties)
  • Expats: 25% of the property value should be paid as the down payment(On ready properties)
  • 1.05% of outstanding loan amount is charged on early settlement or AED 10,500 whichever is lower

Benefits

  • Saadiq finance is provided on low-profit rates
  • It is based on sharia-compliant
  • Quick processing of loan
  • Low Processing fees
  • The free debit card is provided on the approval of the loan
  • Life Takaful is not mandatory
  • 24/7 banking services are provided

Frequently Asked Questions

⭐ What is the arrangement fee charged?

A.0.525% of the approved loan amount is charged for processing fees.

⭐ Is Saadiq home finance is based on Islamic laws?

A. Yes, Saadiq home finance is based on Islamic principles.

⭐ What is minimum age required to be eligible for Saadiq Home Finance?

A. The loan applicant must be minimum 21yrs old to be eligible for Saadiq Home Finance.

⭐ Is Property insurance mandatory?

A. Yes, Property insurance is mandatory

⭐ On what the profit rates of Saadiq Home Finance is based on?

A. Profit rates of Saadiq Home Finance are Emirates Inter-Bank Offer Rate (EIBOR) based.

⭐ Is salary transfer compulsory?

A. No salary transfer is optional.

⭐ What is the minimum balance required to be maintained on the free debit card?

A. The free debit card provided with the approval of Saadiq Home Finance does not require any minimum balance to be maintained.

⭐ What is the processing fee charged on balance transfer?

A. There are no processing fees charged on availing balance transfer of home finance.

⭐ Is the home finance based on Sharia laws?

A. Yes. Standard Chartered Saadiq Finance is based on Sharia principles.

⭐ What are the benefits that can be availed on Standard Chartered Home loan?

A. Standard Chartered bank provides a free debit card on their home finance.

⭐ How much time does it take for approval?

A. Standard Chartered bank takes 2-7 days for the approval of the loan.

⭐ For how long the fixed interest rate is charged at SCB?

A. SCB charges fixed interest rates for the first two years of the loan.

Standard Chartered

A leading international banking group, with a rich history of over 150 years, Standard Chartered Bank (SCB) has been present in the UAE since 1958. SCB offers a range of products under Islamic and Conventional banking and is one of the leading financial institutions in UAE. Their main objective is ‘to offer outstanding value to customers and clients by providing a knowledgeable, efficient and reliable service in a personal, helpful and responsive manner’.

Corporate Values of the Standard Chartered Bank:

  • Knowledge
  • Efficiency
  • Reliability in Service
  • Personal Approach
  • Helpful and Responsive Mannerisms

   Get in touch with Standard Chartered Customer Care