Sharjah Islamic Bank Home/Mortgage Loan Eligibility Criteria in UAE

Sharjah Islamic Bank, the largest bank in Sharjah, was established in 1975 as a commercial bank and transformed in 2002 to operate as an Islamic Bank. SIB serves as a financial establishment providing retail, corporate, and investment services while adhering to Sharia principles, benefitting customers across the UAE through an extensive network.

The financial institution also provides multiple home finance products that caters to the need of different individuals. To obtain these home finance products, applicants must meet the eligibility criteria as mentioned by the bank. This article specifically focuses on the eligibility criteria for all the products along with the documents required.

Sharjah Islamic Bank Home Loan Eligibility Criteria in UAE

Sharjah Islamic Bank offers a range of flexible property finance solutions that cater to diverse needs. In order to avail of these products, you must meet certain criteria set by the financial institution, including minimum salary and age requirements. The table below lays down the home loan eligibility criteria:

Residential Real Estate Finance

Applicant Type	Eligibility Criteria
Salaried Applicants	Salary Transfer to SIB Bank Account AED 10,000 for UAE Nationals AED 12,000 for UAE Expatriates Salary Transfer to Other Bank Accounts AED 12,000 for UAE Nationals AED 15,000 for UAE Expatriates The applicant must be employed for a minimum of 6 months with SIB-approved companies   The applicant must be employed for a minimum of 1 year with SIB non-approved companies
Self-Employed Applicants	Applicants must have a business in the UAE/ a contractual income in the UAE/ or verifiable rental. The minimum income required for business applicants must be AED 30,000 per month (Average net profit), or 20% of the minimum average monthly credit of AED 100,000. The length of the business must be at least 3 years from the date of establishment. The monthly income of the applicant from property rent must be 70% of the property rental.

Audible Residential Real Estate Finance

Applicant Type	Eligibility Criteria
Salaried Applicants	Salary Transfer to SIB Bank Account AED 10,000 for UAE Nationals AED 12,000 for UAE Expatriates Salary Transfer to Other Bank Accounts AED 12,000 for UAE Nationals AED 15,000 for UAE Expatriates The applicant must be employed for a minimum of 6 months with SIB-approved companies   The applicant must be employed for a minimum of 1 year with SIB non-approved companies
Self-Employed Applicants	Applicants must have a business in the UAE/ a contractual income in the UAE/ or verifiable rental. The minimum income required for business applicants must be AED 30,000 per month (Average net profit), or 20% of the minimum average monthly credit of AED 100,000. The length of the business must be at least 3 years from the date of establishment. The monthly income of the applicant from property rent must be 70% of the property rental.

Non-Residential Real Estate Finance

Applicant Type	Eligibility Criteria
Salaried Applicants	Salary Transfer to SIB Bank Account AED 20,000 for UAE Nationals AED 20,000 for UAE Expatriates Salary Transfer to Other Bank Accounts AED 25,000 for UAE Nationals AED 25,000 for UAE Expatriates The applicant must be employed for a minimum of 6 months with SIB-approved companies   The applicant must be employed for a minimum of 1 year with SIB non-approved companies
Self-Employed Applicants	Applicants must have a business in the UAE/ a contractual income in the UAE/ or verifiable rental. The minimum income required for business applicants must be AED 30,000 per month (Average net profit), or 20% of the minimum average monthly credit of AED 100,000. The length of the business must be at least 3 years from the date of establishment. The monthly income of the applicant from property rent must be 70% of the property rental.

Audible Non-Residential Real Estate Finance

Applicant Type	Eligibility Criteria
Salaried Applicants	Salary Transfer to SIB Bank Account AED 20,000 for UAE Nationals AED 20,000 for UAE Expatriates Salary Transfer to Other Bank Accounts AED 25,000 for UAE Nationals AED 25,000 for UAE Expatriates The applicant must be employed for a minimum of 6 months with SIB-approved companies   The applicant must be employed for a minimum of 1 year with SIB non-approved companies
Self-Employed Applicants	Applicants must have a business in the UAE/ a contractual income in the UAE/ or verifiable rental. The minimum income required for business applicants must be AED 30,000 per month (Average net profit), or 20% of the minimum average monthly credit of AED 100,000. The length of the business must be at least 3 years from the date of establishment. The monthly income of the applicant from property rent must be 70% of the property rental.

Documents Required for Sharjah Islamic Bank Home Loan in UAE

Residential Real Estate Finance

Applicant Type	Documents Required
Salaried Applicants	Duly signed application form Valid UAE National ID and passport along with the residence visa Recently dated Salary certificate Bank statement for 6 months showing 6 salaries Documentation Fee: 1% of the approved finance amount. Advance documentation fees; amount of AED 2,000 of the total 1% documentation fee of the finance amount (to be paid along with the finance application) Property documents: Sale Agreement, copy of property Title Deed, completion notice/certificate
Self-Employed Applicants	Duly signed application form Valid UAE National ID and passport along with the residence visa Documentation Fee: 1% of the approved finance amount. Advance documentation fees; amount of AED 2,000 of the total 1% documentation fee of the finance amount (to be paid along with the finance application) Property documents: Sale Agreement, copy of property Title Deed, completion notice/certificate
Property Rental Income Applicants	Six Month’s Copy of Personal Bank Statements; representing monthly / annual rental income Copies of rental income supporting documents; i.e.: lease agreement and lease cheque showing monthly / annual rental income, title deed of the rented property
Business Income Applicants	Bank statement for 6 months Personal and / OR Business Trade License Copy of Chamber of Commerce Registration  Memorandum & Articles of Association Financial statements audited of last two years

Audible Residential Real Estate Finance

Applicant Type	Documents Required
Salaried Applicants	Duly signed application form Valid UAE National ID and passport along with the residence visa Recently dated Salary certificate Bank statement for 6 months showing 6 salaries Documentation Fee: 1% of the approved finance amount. Advance documentation fees; amount of AED 2,000 of the total 1% documentation fee of the finance amount (to be paid along with the finance application) Property documents: Sale Agreement, copy of property Title Deed, completion notice/certificate
Self-Employed Applicants	Duly signed application form Valid UAE National ID and passport along with the residence visa Documentation Fee: 1% of the approved finance amount. Advance documentation fees; amount of AED 2,000 of the total 1% documentation fee of the finance amount (to be paid along with the finance application) Property documents: Sale Agreement, copy of property Title Deed, completion notice/certificate
Property Rental Income Applicants	Six Month’s Copy of Personal Bank Statements; representing monthly / annual rental income Copies of rental income supporting documents; i.e.: lease agreement and lease cheque showing monthly / annual rental income, title deed of the rented property
Business Income Applicants	Bank statement for 6 months Personal and / OR Business Trade License Copy of Chamber of Commerce Registration  Memorandum & Articles of Association Financial statements audited of last two years

Non-Residential Real Estate Finance

Applicant Type	Documents Required
Salaried Applicants	Duly signed application form Valid UAE National ID and passport along with the residence visa Recently dated Salary certificate Bank statement for 6 months showing 6 salaries Documentation Fee: 1.25% of the approved finance amount. Advance documentation fees; amount of AED 5,000 of the total 1.25% documentation fee of the finance amount (to be paid along with the finance application) Property documents: Sale Agreement, copy of property Title Deed, completion notice/certificate
Self-Employed Applicants	Duly signed application form Valid UAE National ID and passport along with the residence visa Documentation Fee: 1.25% of the approved finance amount. Advance documentation fees; amount of AED 5,000 of the total 1.25% documentation fee of the finance amount (to be paid along with the finance application) Property documents: Sale Agreement, copy of property Title Deed, completion notice/certificate
Property Rental Income Applicants	Six Month’s Copy of Personal Bank Statements; representing monthly / annual rental income Copies of rental income supporting documents; i.e.: lease agreement and lease cheque showing monthly / annual rental income, title deed of the rented property
Business Income Applicants	Bank statement for 6 months Personal and / OR Business Trade License Copy of Chamber of Commerce Registration  Memorandum & Articles of Association Financial statements audited of last two years

Audible Non-Residential Real Estate Finance

Applicant Type	Documents Required
Salaried Applicants	Duly signed application form Valid UAE National ID and passport along with the residence visa Recently dated Salary certificate Bank statement for 6 months showing 6 salaries Documentation Fee: 1.25% of the approved finance amount. Advance documentation fees; amount of AED 5,000 of the total 1.25% documentation fee of the finance amount (to be paid along with the finance application) Property documents: Sale Agreement, copy of property Title Deed, completion notice/certificate
Self-Employed Applicants	Duly signed application form Valid UAE National ID and passport along with the residence visa Documentation Fee: 1.25% of the approved finance amount. Advance documentation fees; amount of AED 5,000 of the total 1.25% documentation fee of the finance amount (to be paid along with the finance application) Property documents: Sale Agreement, copy of property Title Deed, completion notice/certificate
Property Rental Income Applicants	Six Month’s Copy of Personal Bank Statements; representing monthly / annual rental income Copies of rental income supporting documents; i.e.: lease agreement and lease cheque showing monthly / annual rental income, title deed of the rented property
Business Income Applicants	Bank statement for 6 months Personal and / OR Business Trade License Copy of Chamber of Commerce Registration  Memorandum & Articles of Association Financial statements audited of last two years

Why Do You Need to Fulfil Eligibility Requirements for Sharjah Islamic Bank Home Finance? 

Fulfilling eligibility criteria is crucial to secure a home loan in the UAE for several reasons. Firstly, it ensures that borrowers possess the financial stability to repay the loan, reducing the risk of defaults for lenders. Secondly, eligibility criteria for home loan to protect both borrowers and lenders by setting clear terms and conditions, increasing transparency and trust in the lending process. Moreover, they promote responsible borrowing, discouraging individuals from taking on excessive debt. Overall, meeting eligibility requirements is vital for a stable and secure home loan market in the UAE.

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