Manzili Home Finance

The rise of real estate prices in the UAE has been a cause of worry for many. With the introduction of Emirates Islamic Bank Manzili Home Finance, however, UAE residents and non-residents can now purchase their dream homes with ease.

Emirates Islamic Bank, a renowned bank in the UAE, has been offering a range of innovative banking and financial services since its establishment in 2004. With Manzili Home Finance, the bank has further brought a solution to cater to the needs of people looking to purchase a home.

We will delve into the details of Manzili Home Finance and how it can help you purchase a home without any hassle in the article below.

Features and Benefits of Emirates Islamic Manzili Home Finance

Emirates Islamic Bank Manzili Home Finance is a finance solution for those who want to buy freehold properties. Here are the salient features and benefits of this Emirates Islamic home finance in the UAE -

• High finance amount - up to 85% of the property value for UAE nationals and up to 80% of the property value for expatriates
• Maximum finance repayment tenure - up to 25 years
• Competitive and attractive profit rates based on the EIBOR
• 1% processing fee for home finance in the UAE; 0% processing fee in case of buyout finance
• Easy documentation and quick approval process
• Based on eligibility, you can enrol into Priority Banking
• Finance solutions available for transfer, registration, or brokerage fee
• Option to transfer existing home finance or loan from another bank to Emirates Islamic Bank for lower profit rates, instalments, and longer repayment tenure
• Suitable for those who are looking for finance to buy, transfer, or release cash for any freehold property in the UAE
• You can look at the approved project list curated by the bank to avail of Manzili Home Finance with an exclusive handover finance package for near to ready properties. 

Eligibility Criteria to Apply for Emirates Islamic Manzili Home Finance

To apply for Emirates Islamic Manzili Home Finance, you should fulfil the following eligibility criteria -

• Minimum Age - 21 years
• Nationality - UAE residents and non-residents
• Minimum Monthly Income - AED 15,000
• Down Payment - 15% for UAE nationals and 20% for expatriates
• Employment Type - Available for both self-employed and salaried individuals

Check Home Loan Eligibility in UAE

Documents Required to Apply for Emirates Islamic Manzili Home Finance

Listed below are the documents that you need to provide when applying for Emirates Islamic Manzili Home Finance -

For Salaried Residents

• A copy of a valid passport with a valid UAE residence visa page (original document to be presented at the time of verification)
• A copy of National ID for UAE nationals (original document to be presented at the time of verification)
• A copy of labour contract
• Original salary certificate that is less than 45 days old (it should contain all the details pertaining to the employment tenure, current salary package, designation and more) OR a salary transfer letter (if the salary is transferred to Emirates Islamic Bank)
• Pay slips for the last 3 months (if applicable)
• Bank statements for the last 6 months depicting salary credits 
• A liability letter that is less than 30 days old. It should have information about borrowings with the bank towards which your salary is transferred. 
• Original property documents -
  • Offer letter or quote from the seller
  • Title deed and site plan
  • Purchase and sale agreement
  • Invoices of the down payment made to the seller

Click here to Apply for this Home Loan

For Self-Employed Residents

• A copy of passport with UAE residence visa page or national ID (for UAE nationals)
• Copy of business-related documents (originals to be presented at the time of verification) -
  • Trade licence
  • Chamber of Commerce Registration
  • Partnership Page (in case of multiple partners)
  • Memorandum of Association and Articles of Association
  • Original audited financial statements for the last 2 years
  • Copy of labour contract
• Business account statements for the last 12 months
• Personal account statements for the last 6 months
• Original property documents -
  • Offer letter or quote from the seller
  • Title deed and site plan
  • Purchase and sale agreement
  • Invoices of the down payment made to the seller

Click here to Apply for this Mortgage Loan

For Salaried Non-Residents

• A copy of a valid passport (original to be presented at the time of verification)
• Original salary certificate that is less than 45 days old. It should have information about your employment tenure, salary package, and current designation.
• Pay slips for the last 3 months (if applicable)
• The following documents from the bank -
  • Bank statements for the last 6 months depicting salary credits
  • Liability or reference letter that is not more than 45 days old
  • Last 2 years' tax returns (if applicable)
  • Credit bureau report (if applicable)
• Original property documents - 
  • Offer letter or quote from the seller
  • Title deed and site plan
  • Purchase and sale agreement
  • Invoices of the down payment made to the seller

Click here to Apply for this Home Loan in UAE

For Self-Employed Non-Residents

• A copy of a valid passport (original document to be presented at the time of verification)
• Copies of the following business documents (original to be presented at the time of document verification)
  • Trade licence
  • Chamber of Commerce Registration
  • Partnership Page (in case of multiple partners)
  • Memorandum of Association and Articles of Association
  • Original audited financial statements for the last 2 years
  • Copy of labour contract
• The following documents from the bank -
  • Bank statements for the last 6 months depicting salary credits
  • Liability or reference letter that is not more than 45 days old
  • Credit bureau report (if applicable)
  • Last 2 years' tax returns (if applicable)
• Original property documents
  • Offer letter or quote from the seller
  • Title deed and site plan
  • Purchase and sale agreement
  • Invoices of the down payment made to the seller

Click here to Apply for Mortgage Loan

Profit Rates Applicable to Emirates Islamic Manzili Home Finance

The profit rates applicable to this Emirates Islamic home loan are linked to EIBOR (Emirates Interbank Offered Rate). This is a benchmark or a base rate for banks to borrow from each other in the UAE.

Fees and Charges Levied on Emirates Islamic Manzili Home Finance

The table below reflects the fees and charges levied on Emirates Islamic Manzili Home Finance -

Fee Description	Amount
Pre-Approval Charges	AED 1,050 per application
Processing Fee	1.05% of the finance amount per application
Early Settlement Charges (own funds)	1,05% of the remaining finance amount or up to AED 10,500
Early Settlement Charges (buyout)	1.05% of the remaining finance amount or up to AED 10,500
Partial Settlement Charges	1.05% of the paid amount or up to AED 10,500
Cancellation Fees before Approval	AED 525 per application
Cancellation Fees after Finance Approval	AED 3,150 per application
Liability Letter (in the name of banks and other financial institutions)	AED 89.25 per request
Liability Letter (in the name of government authorities and charitable organisations)	AED 89.25 per request
Release Letter	AED 52.5 per request
Charges for Granting No Objection Certificate	AED 157.5 per request
Clearance Letter	AED 99.75 per request
Fees for Renewing Offer Letter	AED 525 per application
Fees for Renewing the Pre-approval	AED 525 per application
Instalment Deferment Fees	AED 300 per instalment per request
Late Payment Charges	AED 735 per instalment per instance
Fees for Changes in Approval Terms	AED 1,575 per application
Charges for Changing Instalment Recovery Dates	AED 367.5 per request
Extension or Reduction of Finance Repayment Tenure	AED 1,575 per request (subject to bank’s approval)

Emirates Islamic Home Finance EMI Calculator

You can use the Emirates Islamic Home Finance EMI calculator to determine the approximate amount that you would need to pay every month as an instalment. This is an online tool that makes it easy for you to get a breakdown of your finance charges.

To compute the amount, all you need to do is provide the following information -

• Value of the Property
• Down Payment
• Finance Amount
• Applicable Profit Rate (in percentage)
• Finance Repayment Tenure (in months)

Terms and Conditions to Note When Applying for this Emirates Islamic Home Finance in the UAE

When applying for Emirates Islamic Manzili Home Finance, keep the following terms and conditions in mind -

• The bank will set up a Kunooz Savings Account in your name once you submit an application for Emirates Islamic Manzili Home Finance. You will still receive the advantages of the Kunooz Savings Account for the initial three months even if the financing is refused. After that, you would need to keep a balance of at least AED 3,000.
• Before acquiring Emirates Islamic Manzili Home Finance, thoroughly read the documents.
• You will be required to pay a prepayment fee of up to AED 10,500 or 1.05% of the remaining finance amount (whichever is lower) if you settle the loan early in the repayment period.
• If you extend your Emirates Islamic mortgage loan, it can take you longer to pay it off, which could also increase your expenses.
• Your bank account will be in arrears if you fail to repay the loan on time and in complete. This will have an impact on your credit score and limit your future access to financial products.
• You risk losing your house if you don't pay back your mortgage.
• You are responsible for covering the cost of repairs if you cause harm to the property through carelessness or other bad behaviour.
• You have five working days from the date you signed the application form to change your mind about getting home finance in the UAE.
• The terms and conditions are subject to change by Emirates Islamic bank. You will be notified of any adjustments 60 days in advance.
• Any fees, costs, or commissions associated with the financial service that you have chosen to use may be deducted by the bank from your account.
• If you violate the terms and conditions before, during, or after your connection with the bank, you will be held accountable and may be subject to penalties.

How to Apply for Emirates Islamic Manzili Home Finance?

You can apply for Emirates Islamic Manzili Home Finance in any of the following ways -

Via Policybazaar.ae

You can quickly and easily register for Emirates Islamic Manzili Home Finance on Policybazaar.ae. The top mortgage loans in UAE from the major finance and banking institutions are available on this platform. You can apply for home loans on this simple-to-use website in a matter of minutes.

Click the "Home Loan" tab on the home page or choose the same choice from the "Banking Products" tab on the menu bar to begin the application procedure. You will be taken to the lead form once you have finished. Correctly complete the form, then select the "Proceed" option.

This will take you to our home loan quotes website, where you can look up details about Emirates Islamic Manzili Home Finance. After reviewing the advantages and features, select the ‘Apply’ option. You can ask our team of advisors for help if you have questions about any material. 

Use Policybazaar.ae to register for Emirates Islamic home finance and enjoy the following benefits -

• Platform to browse and compare home loans and finance from the top banks and lending institutions 
• Free access to aecb credit score 
• Assistance from the top finance experts if you want assistance in making a selection 
• Access to round-the-clock customer care service

Via Emirates Islamic Website

Click the ‘apply now’ button on the product page to submit an online finance application through the bank's website. You will be taken to the application form or lead form. Click the ‘Submit’ button after precisely entering your information. Follow the directions provided thereon.

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