Emirates Islamic Bank (EIB), one of the leading Islamic financial institutions in the region, announced that it has launched a new Sharia-compliant mortgage product that offers UAE nationals 100% financing.
The new mortgage loans can be used for purchasing an existing property or for financing a new-build.
The home finance solution, named Bina’a (Arabic word meaning ‘to build’), is the only home financing product in the country that provides full finance to customers.
In addition, Bina’a provides competitive variable rate options starting from 4.99% and fast pre-approval within 24 hours. With this product, customers can also opt to fix their profit rate and installments for up to five years.
“For most people, owning a home is one of the biggest lifetime investments and provides an opportunity to build equity in real estate,” said Faisal Aqil, General Manager-Retail Banking, Emirates Islamic Bank.
“The Emirates Islamic Bank Bina’a solution was developed specifically to address the needs of UAE nationals who aspire to owning their dream home. The mortgage loans are simple and hassle-free, which only leaves customers with deciding which property to buy or location to build their perfect home,” he added. The first-of-its-kind offer in the market also includes other benefits such as no processing fee for buy-outs, no early settlement fees, 60 day installment deferment and a cash release option from completed properties.