Dubai Islamic Bank (DIB) Home Loan

Acquiring a mortgage loan is usually complicated and lengthy process, that's why choosing the right financial assistance is of utmost importance. When it comes to such a crucial decision of purchasing a home, the basic issue remains about proper guidance and counselling. In this article, we will analyse the services offered by Dubai Islamic Bank mortgage loans that can help you to buy your dream home in the UAE. 

 

Dubai Islamic Bank (DIB) has grown significantly and earned the trust of millions of customers since its establishment in September 1975. The bank's success is a result of adhering to prudent policies, which support the timely offering of attractive and competitive products and services that meet customers' evolving needs and requirements, coupled with an extensive network of branches across the UAE.

Dubai Islamic Bank Home Loan Plans

Dubai Islamic Bank offers sharia compliant mortgage solution for financing your home purchase. The bank offers various type of loans based on your requirements. Here are the type of DIB home loans that you can opt for. 

• First Step Qualified
• MyHome
• First Time Buyers
• Non-Resident Programs
• Existing Home Owners
• Government Housing Schemes'
• Commercial Property Finance

First Step Qualified:

Does the thought of purchasing your first home fill you with excitement, or leave you in a state of fear? Applying for a home loan can be an overwhelming process. However, Dubai Islamic Bank offers you a convenient solution. Their First Step Qualified home loan will get you on the right track to being a homeowner.

Features:

• Completely free pre-approval
• Quick application
• No documentation required

MyHome:

An innovative and modern home loan, DIB Myhome provides you a new experience for purchasing your next home.  Here are the features of Myhome DIB home loan. 

Features:

• Monthly payment customisation
• Budget your additional expenses

First Time Buyers:

DIB's "First Time Buyers Home Loan" with Home Ownership Solutions is the best and ideally-suited home loan to own your first dream home in all 7 Emirates without any hassles. Key featuers of this home loan are mentioned below

Features:

• Rate of Profit starting from 2.49%
• No Salary Transfer is Required
• Flexible Loan Tenure ranging up to 25 years.
• Financing up to 85% for Emiratis
• Financing up to 80% for Expats

Non-Resident Programs:

If you are a non-resident, you can take advantage of DIB's Non-Resident Program. Some key features of Non-Resident home loan program are as follows.

Features:

• Competitive Rates of Profit
• Quick application and processing procedures
• Flexible loan repayment tenure
• Enhanced loan amounts

Existing Home Owners:

The DIB Existing Home Owners Plan is suitable for homeowners who want to get the latest and greatest features in their current house.

Features:

• Rate of Profit starting from 2.49%
• No Salary Transfer is Required
• Flexible Loan Tenure ranging up to 25 years.
• Financing up to 85% for Emiratis
• Financing up to 80% for Expats

Government Housing Schemes:

Government Housing Schemes can assist you in finding your ideal house in the UAE.

Features:

• Rate of Profit starting from 3.25%
• Quick Loan Processing procedures
• Flexible Loan Tenure ranging up to 25 years.
• Available both for self-construction and ready properties

Commercial Property Finance:

DIB also provides commercial property finance solutions to assist you in financing the property that best meets your needs for your business operations.

Features:

• Competitive Profit Rates
• Quick Loan Processing procedures
• Flexible Loan Tenure ranging up to 15 years.
• Financing up to property’s 70% 

Features of DIB Home Loan & Mortgage Loan:

Buying a house in the UAE is an exciting experience but can also be hectic.  You need to a huge sum  upfront — before even signing on the dotted line. However, withe reliable mortgage schemes from DIB can help you acquire home loans with ease.

1. Enhanced Loan Amount: DIB Home Loans offers an exclusive and enhanced loan amount to help you meet your dream home aspirations. UAE nationals are offered a financing amount of up to 85% of the property value while expats are offered up to 80% of the amount.
2. Competitive Profit Rates: DIB bank offers a wide range of home loan products to help you borrow. If you are looking for your first home loan, or want to upgrade your current home, our First Time Buyer and Existing Home Owner options make it easy to choose the right product for you with competitive profit rates starting from 2.49%.
3. Flexible Tenure: DIB's Home Loans are designed to help you realize your dream of having your own house. It’s easy and flexible loan tenure options goes up to 25 years for First Time Buyers, Existing Home Owners & Government Housing Schemes allow you to repay over time in keeping with your monthly budget.
4. No Hidden Charges: Get the home loan you need without any hassles and hidden charges. Being on of the  top-ranking lenders in the UAE, Dubai Islamic Bank streamlines the home loan process from start to finish. Plus, their easy application process is fast and hassle-free.
5. Exclusive Expat Home Loan: DIB Home Loan for Expats is a special home loan package designed to serve the needs of non-resident expatriates looking to buy homes and properties in the UAE. If you are an expat in the UAE and looking to buy a property, Expat home loan is suitable option to choose. 
6. After Sales Services: The Dubai Islamic Bank Home Finance Service encompasses both post-sales and pre-sales aspects and provides a variety of in-depth services such as complete loan assistance, flexible option to pay the EMIs etc.
7. DIB Home Loan Eligibility Requirements - To be eligible for a home loan at Dubai Islamic Bank, you must meet the following requirements:

• Age - To be eligible for DIB home loan applications, you need to be at least 21 years old. The age limit for home loan application is 64 years and also depends on your income and employment status. 
• Salary Requirement - You need to have a minimum salary of AED 15,000 per month 
• Nationality - Both UAE nationals and ex-pats are eligible for DIB car loans. 
• Employment Type - Both salaried and self-employed individuals are eligible to apply for the home loan. 

DIB Home Loan Interest Rates

Here is the list of interest rates for DIB home loans for UAE nationals and expatriates.

How to Apply for DIB Home Loans?

DIB offers simple and streamlined loan application process through various online and offline channels. By following these steps, you can apply for a Dubai Islamic Bank home loan.

1. Visit the Dubai Islamic Bank website.
2. Select ‘Finance your Home’.
3. Choose your preferred home loan product.
4. Select ‘Apply Now’.
5. Enter the needed information and check your eligibility.
6. Once you are eligible, provide your basic details and apply for a home loan.
7. The bank's representatives will contact you for further assistance.

DIB Mortgage Loan  - Terms and Conditions:

Before applying for the home loans, you need to go through terms and conditions thoroughly to understand your loans better. The following are the terms and conditions for Dubai Islamic Bank Home Loan:

1. Ensure that you thoroughly study the contract details for a home loan.
2. To obtain a house loan, the bank requires you to sign a few paperwork related to your personal and property details.
3. You will be required to produce supporting papers to sign the deal.
4. You will have to notify the lender in written if your fiscal situation changes.

Why Choose DIB Home Loans?

When you're buying a new home, there are so many factors to consider that it can sometimes be overwhelming. What type of loan should you look for? Should you be looking for a fixed or variable rate? How much should you be saving for the deposit? The list goes on… and that's where the experts at DIB Home Loans help you to get an affordable loan to finance your dream home. Their team will work with you to ensure the bank understands your needs, goals, and requirements, and then match you to one of their flexible home loan options.

FAQ's