| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
SIB Tamallak Home Finance
|
Minimum Salary: AED 25,000 | Salary Transfer: No | Early Settlement Fees: Yes | Maximum Term: 20 Years | Flat Rate: 3.31 | Reducing Rate: 6.0 |
Having your own home is your concern? SIB Tamallak (Home Finance), based on Islamic finance of Ijarah concept, is your choice. They purchase and possess the property and lease it to you. Then, they will transfer the ownership of the property for a nominal price as a gift for you.
Features
- Long and flexible repayment periods
- Fixed rent that gives you stability against rates fluctuation
- Convenient monthly installments
- Available for ready and under construction properties
Documents Required
- Original passport & UAE National ID
- Valid UAE residence visa for expatriates
- Six months bank statement
- Salary Transfer Letter Valuation Certificate
- The property documents (Site Plan, Map & Title of Deed, etc...)
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years:
This is the original term or length of the product, stated in years.
Effective Monthly Payment:
This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%):
The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
Representative Example Calculator
