Wednesday, 12 March 2008

Amlak (Sharia'h compliant mortgage)

Provider Amlak (Sharia'h compliant)
Available to UAE nationals, GCC residents, UAE residents and non-UAE residents.
Mortgage Tenor Upto 15 yrs for GCC, UAE & non-residents, 25 yrs for UAE nationals from 01/08/05
Amlak offers all new UAE resident customers upto 20 years on villas and townhouses.
Interest rate Variable rate (residents): 6.75% for 70% and below 6.95% for 80% finance, 7.25% for 90%, (Non-residents 7.50%)
Fixed rate (residents): 7-15 yrs 10.50%; 5 - 7yrs. 8.75% Upto 5 yrs. 8.00% (Non-residents add 0.50%).
Maximum loan amount Depends on salary.
Insurance requirements Not compulsory, can provide Islamic insurance solutions. Property insurance is compulsory, family protection is not.
Minimum salary (AED) N/A
Charges No early settlement charge. No partial repayment charges, 1% processing fee- Min. AED 5,000,Non-resident-1.25%- Min. -AED 5,000, Valuation fee upto 3,000.
Properties financed Emaar, JBR, Al Fattan, Nakheel, Palm Developments.
Documentation required Passport, Labour Card, Khulasat Qaid (ID card), salary certificate, 6 months bank statements, other income documents, copy of sale/ purchase agreement, proof of
downpayments, cheque for loan processing fee.