Eligibility
HSBC Home Finance facility is available for UAE & GCC Nationals and Residents & Non-Residents of UAE, both salaried and self-employed.
Key Features
Shariah approved and certified by the HSBC Amanah Shariah Committee
Competitive Ijarah profit rates reviewed and updated only once in every six months
Applied on a single or joint basis
Property age should be less than 10 years old
Discount in the Ijarah profit rate offered to customers transferring their salaries to the bank
Balance transfer from existing home finance provider at convenient terms
Pre-approved HSBC Amanah Gold Charge Card free for the 1st year
HSBC Amanah Current Account with minimum balance waived
HSBC Premier or STATUS banking services based on the value of your home finance
Special package on HSBC Amanah Vehicle Finance from HSBC Middle East Finance Company
Tenure of finance
Maximum lease period of up to 25 years for Villas and Townhouses (subject to repayment before 65 years of age)
Insurance
Home finance protection policy and buildings protection is mandatory. Free Home Finance protection (through a Shariah compliant Takaful life cover) to cover the repayment obligation in situations of bereavement up to Dh3.5 million is given. In case the value of the property is greater than Dh3.5 million, customers will be required to arrange insurance themselves.
Documentation Required
Please note that all documents should be originals and HSBC will return this to the customer following receipt.
For Salaried
Proof of Income
Original Salary Certificate
Original 6-months bank statements
Employer's letter confirming probationary period successfully completed, if employed for less than 6 months
For applicants residing in a jurisdiction where taxation is relevant, 3 years' personal tax statements required
For Self - Employed Applicants
Proof of Income
Original 3 years audited accounts
Original accountant certified letter of earnings along with tax returns to reconcile the earnings
Original 6-months bank statements
KYC Documents for all applicants
Original passport with valid residence visa (if applicable) with copy (If original passport is not available, a copy to be attested by an HSBC branch in your country and the photocopy to be signed in front of HSBC staff and the signature certified as true.)
Proof of permanent address (Original utility bill showing residential address in country of residence and for expatriates, a confirmation of address in home country)
Letter of introduction from current bank
Proof of permanent address (Original utility bill showing residential address in country of residence and for expatriates, a confirmation of address in home country)
Property Documents for all applicants
Original Ownership Documents
Original property sales agreement (for Emaar Properties)
Copy of Title Deed (Mulkiya) from the seller or the Land Department showing property details, payment schedule and signatures from the purchaser and the developer (for Emaar properties)
For Emaar Properties, copy of receipts for payments made to date on the property / certificate of payment completion
Other Documents
Original current credit card statement
Original bank statements for the preceding 6 months
Details of the customer's home country accounts, where possible
Rental based on Ijarah rent calculation rate
Minimum age for home loan
The home finance is to be repaid by 65th birthday. Exceptions may be considered for those with an occupational pension. Maximum tenure is 25 years for Villas and Townhouses, subject to the age criteria.
Maximum limit of loan per individual
Up to 80% of the market value, as determined by a professional valuation of the property. This may differ by development and will depend on age, income, property etc. the customer will be required to pay a percentage of the value of the property as an initial deposit.
Approved Properties
Freehold completed properties in the Emirates of Dubai and Sharjah being purchased by UAE/GCC nationals directly from the developer or by way of resale
Villas and Town Houses of Emaar Properties being purchased by UAE/GCC national
Villas and Town Houses of Emaar Properties being purchased by expatriate
Installments payments
The customer's monthly Amanah Home Finance payments must be made from < 45% of monthly net disposable income. Income is primary applicant's total guaranteed salary and fixed allowances (after tax and other deductions such as financial commitments) plus 100% of second applicant and 50% of any other income. Please note that HSBC's personal financing limit ratio of 60% of net income will be applied to our financing decision.
An HSBC Amanah bank account in UAE is required, and details of the customer's home country accounts, where possible.
Home finance for Non-Residents
The customer should ensure that he seek advice from a tax specialist, as there may be a tax liability if he have obtained financing overseas. Any tax liability will be his responsibility solely. The customer should also note that if he is making his UAE Dirham Home Finance payments from a foreign currency, he might encounter currency fluctuations when meeting his monthly commitments. Any fluctuation will be his sole responsibility.
