Emirates Islamic Manzili Home Finance

Manzili Home Finance solutions are designed to make owning your home a reality for expatriates. Available for rates as low as 3.99% per annum, Manzili Home Finance is based on the principles of Shari'a and is designed to suit your financial capabilities and personal requirements. Choose from a wide variety of ready properties with a transparent pricing structure linked to the 3 month EIBOR.

Major Advantage:  Lowest rates 

Points to Consider: High salary requirement 

Reducing Balance Rate

Profit Rates & Charges:

Reducing Rate (as advertised): Starting from 3.99% p.a. 

Flat Rate: 2.33% p.a. (as per 25 years calculation)

Processing Fees: 0% of the finance amount (1% on Cash Release)

Property Valuation Fees: Nil

Early Settlement Fees: 1% of outstanding amount

Partial Settlement Fees: 1% of the amount partially paid

Finance Requirements:

Minimum Salary Requirement: AED 20,000

Minimum Length of Service Required: 6 Months for salaried

Salary Transfer: Not Compulsory

Minimum Downpayment:

• For first property (If property price < AED 5M): 15% for UAE national, 20% for Expats
• For first property (If property price > AED 5M): 30% for UAE national, 30% for Expats
• For second property: 35% for UAE national, 40% for Expats

Key Details:

Maximum Finance Amount: AED 20,000,000

Islamic Finance: Yes

Maximum Term: 25 Years

Finance available for: All approved properties with titled deed (ready property)

Takaful (Compulsory):

Life Takaful: 0.1223% p.a. on outstanding balance

Property Takaful:  0.05% p.a. of the property value

Common Documents:

• Valid Passport, Resident Visa and Emirates ID.   
• Offer Letter Copies of All Personal Ongoing Finance.
• Rental Income Document (If any).                      
• Liability Letter (In case of Buyout Finance only).
• Originals of property details including the:

• Quote/Offer Letter from the seller.
• Sale and Purchase agreement.
• Title Deed and Site Plan.
• Receipts of down payment made to the seller.

Salaried Common Documents:

• Latest Salary Certificate addressed to Emirates Islamic Bank.
• Latest 6 Months Personal Bank Statement.
• Three months Pay slips if there is variance in Salary.

Resident Salaried Client Documents:

• Salary Transfer Letter if transferring salary to Emirates Islamic.
• Copy of Labor contract.

Non-Resident Salaried Client Documents: 

• Reference letter from your current bank.
• Credit bureau report (if applicable).

Self-Employed Common Documents:

• Valid Company Trade license.
• MOA (Memorandum of Association) including all amendments.
• Copy of Chamber of Commerce Registration.
• Copy of Partnership Page in case of multiple partners.
• Copy of Labor Contract.
• Latest 6 Months Personal Bank Statement.
• Latest 12 Months Company Bank Statement.
• Audit Financials of last 2 years.
• Offer Letter Copies of All Company Ongoing Finance.

Extra Documents for Non-Resident Self-Employed Client:

• Latest tax returns of last 2 years.
• Credit bureau report (if applicable).
• Offer Letter Copies of All Company Ongoing Finance.

• All info mentioned can change at any point in time as per the discretion of the bank. The Bank will determine eligibility. All info above is subject to change.
• Reducing rate is converted into flat rate as per 25 years calculation.
• Terms and conditions apply.