Eligibility
Amlak Home Finance facility is available for Residents and Non-Residents of UAE, both salaried and self-employed .
Tenor of Finance
Residents maximum 20 years
Non-residents maximum 15 years
UAE Nationals maximum 25 years
Note: Self-employed customers finance must be completed before the age of 65. Salaried customers finance must be completed before the age of 65.
Salary transfer
This is mandatory for all financing approved for over 80%
Property Insurance
For your peace of mind, Amlak requires the customer to insure his property. Amlak have negotiated competitive rates with Aman - Dubai Islamic Insurance and Reinsurance Company.
Family Protection
In arrangement with Aman - Dubai Islamic Insurance and Reinsurance Company, Amlak have put together a group scheme, which covers the customer for the outstanding finance amount. Alternatively, he can opt for the level term assurance, which covers him for the approved amount at a listed rate. Although Family Protection is not mandatory, Amlak would recommend it for the security and happiness of the customer and his family.
DOCUMENTS CHECKLIST
For salaried customers:
- Completed application form
- Original passport or certified copy
- Cheque for processing fee
- Letter from employer addressed to Amlak stating length of service, present position and breakdown of monthly salary. If the customer has changed employment within the last 1 year, he will need to provide a letter from previous employer
- 6 months' bank statements of his salary account
- Liability letter from bank/finance company if he has any other outstanding finance (i.e. car/personal loans)
For self-employed customers (business should have been operating for at least 3 years) :
- Completed application form
- Original passport or certified copy
- Cheque for processing fee
- 6 months' company and personal bank statements
- Copy of Trade License
- Copy of Chamber of Commerce Registration
- Copy of Memorandum of Articles and Association (MOA)
- 3 years' audited accounts
- Facility letter from customer's bank
Non-residents applicants :
In addition to the above documents, tax return for the last 3 years is required.
Ijarah Muntahia Bittamleek
The term ‘Ijarah' means lease. Amlak acquires the property and subsequently leases out to the customer for an agreed rent and specified period. This specified rent comprises of ‘fixed rental' which, is the capital or principle divided by the lease period; ‘variable rental', which is the profit calculated on the reducing/balance of the principal and ‘supplementary rental' such as maintenance, fee, insurance, ownership tax etc. Amlak transfers title in the property to the customer either at the end of the lease period or at any time if he wishes to pre-pay provided that he shall have paid the principal amount and the profit in full.
Murabaha
Murabaha is a sale contract for selling a specified item at a mutually agreed mark-up (profit) added to the purchase price. The payment of the sale price (purchase price + agreed mark-up) will be broken down into easy payment installments.
