Request your attention to the below information which is a brief on Dubai bank and features of the Property Finance product offered by us:-
Introduction.
Dubai Bank launched in September 2002, was converted to a Sharia’a compliant financial institution on January 1, 2007. The Bank ensures compliance with the standards of ethical and Sharia’a compliant banking that are currently followed by a number of banks around the globe. With a new, innovative range of Sharia’a compliant products and services delivered with dynamism and excellence in service and quality, Dubai Bank aims to establish itself as a preferred bank in UAE.
Keeping the aforesaid in mind, Dubai Bank has introduced MULKI Property Finance, a financial solution to finance the purchase of land, properties/villas and apartments that are constructed and ready for possession.
Please visit us at www.dubaibank.ae for more information.
Main Features
Highlighted below is summary of key features that would prepare you in finalizing your property finance with Dubai bank :-
Ø Finance offered for property in any project or tower on submission of a Title deed i.e. the process of listing the project / developer is removed for quick processing.
Ø Finance offered for construction of private villa or purchase of non-freehold villa provided they are not on a granted land.
Ø Finance of up to 85% (subject to approval) of the evaluated value of the property.
Ø Minimum required deposit as low as 15%.
Ø Competitive profit rates.
Ø Customers are offered to choose up to 25 yrs financing.
Ø Competitive Processing fee i.e. 1% of finance value or AED 20,000 (whichever is less).
Ø An early settlement fee is “NOT CHARGED” on partial payment or on full settlement of the facility amount before the maturity term.
Ø Life cover with added feature of permanent disability cover and property takaful cover on base charges as indicated by the provider.
Ø Salary Transfer not mandatory.
Eligibility criteria
· Finance is available only for salaried people.
· Minimum salary should be 20,000 for UAE national and 15,000 for expatriate.
· Minimum age to 25 years and 60 years at the time of maturity of property finance.
· No restrictions on nationalities.
· Finance available only for residents of Uae.
· No need to transfer salary to Dubai Bank.
· Real estate and construction industry are restricted for the moment.
Pricing & Charges
Upfront Profit : 1% of the Finance Value to a maximum of Aed 20,000/-
Profit Rate : starting from 7% (subject to approval)
Life Takaful : 0.36% of Financed Amount, This includes coverage of Life and Permanent disability Cover.
Property Takaful : 0.030% of Property Amount
*Interim Registration : 1% of Property Value
*Title Deed Registration : 1.25% of Finance Value
*Please note that the fees collected by Dubai Lands Department may vary and the exact amount due will be informed to you prior to registration.
*subject to approval
Documents Required
Salaried Individuals
· Valid Passport copy & Residence Visa copy (applicable for expatriates) of all borrowing parties.
· Last six months original bank statements.
· Recent original salary certificate/salary transfer letter (addressed to Dubai Bank)
· Copy of labor card for Expatriates & National ID card for UAE nationals
· Liability letter from the existing bank.
· 6 months commission statements / pay slips to add back variable income if any.(optional)
· Proof of additional income (if any)
· Previous Employment proof in case of the length of service with current job is below one year.
Request a convenient time to future elaborate on the product proposition which will suit your interest.
Assuring you of our best services at all times and ensuring a delightful experience for you to own a home through Dubai Bank Property Finance!
Warm Regards
Mohammad Atif Husain
Relationship Officer
Property Finance
Dubai Bank
Mobile :+971 55 9197766
Dir. No. :+971 4 4087668
Fax :+971 4 3510897
P.O. Box 65555 - Dubai
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