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Home Finance for Non-Residents
Take advantage of our unique Non-Resident Home Finance which allows non-residents to purchase residential property in Dubai either for investment purposes or as a second home.
Shari'ah Structure
Home Finance from Mashreq Al Islami is based on the concept of Ijara (lease based financing). Under the Ijara arrangement, Mashreq Al Islami will buy the property and lease it to you for your use. This is a lease contract wherein Mashreq Al Islami as the Lessor, willl lease the property to you as the Lessee, in return for rental payments for a specified term.
Benefits
Generous finance amounts of up to AED 10Mn
Excellent tenure of up to 25 years
Competitive profit rates with up to 3 years fixed rate option
Finance completed properties in Dubai and Abu Dhabi for self use or investment purposes
Financing available for salaried as well as self employed clients
For salaried customers: Minimum: 21 years / Maximum: 65 years on maturity of finance
For self-employed customers: Minimum: 21years/ Maximum: 70 years on maturity of finance
You can finance up to a maximum of AED 10 million for up to a maximum of 25 years.
For commercial properties, financing is available for up to 15 years.
Your application will be evaluated on the following criteria:
1. Your income stream
2. Your employment history and stability
3. Your ability to handle current obligations as well as new ones
4. The value of the property being purchased or refinanced
5. Your assets to assess your ability to meet your down payment. Terms & Conditions apply
Refinance allows you to liquidate the cash value of property, available to all residents
Yes, at Mashreq we deal with two types of transactions
Full Payment: Where the first purchaser has made 100% payments to the developer and is selling the property to you. Here the payments would be made to the first purchaser.
Part Payment: Where the first purchaser has only paid the down payment and the balance is yet to be made to the developer. Here, the down payment would need to be paid by you to the seller and the balance be made to the developer
Yes, both Life Takaful and Property Takaful are mandatory before disbursing the facility amount. It is mandatory that both the Takaful should be availed from Sukoon Takaful PJSC.
Life Takaful: Life Takaful is mandatory from Sukoon Takaful PJSC.
Property Takaful: The Property Takaful contribution is calculated on the cost of the property and is available only through Sukoon Takaful PJSC. The amount of the Takaful contribution will be debited from your account prior to the final disbursal and each year thereafter.
For salaried employees:
Application form
Passport copy with valid visa
Salary Certificate addressed to Mashreq Al Islami
Last six months original bank statements
Liability letter from the bank addressed to Mashreq Al Islami
Photocopy of Purchase Contract
Photocopy of Down Payment receipts
For self-employed Individuals:
Application form
Passport copy with valid visa
Last six months bank statements personal and company
Liability letter from the bank addressed to Mashreq Al Islami
Memorandum and articles of association
Audited financial statements of last 2 years
Board resolution copy
Trade license copy
Copy of Chamber of Commerce Registration
Business profile on company letterhead
Photocopy of Purchase Contract
Photocopy of Down Payments
Yes, all co-owners of the property have to be co-borrowers.