Dubai Islamic Bank Al Islami Home Finance under Construction Non-Freehold (Self Construction)

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The availability of various banking products has greatly benefitted the population, with individuals seeking various types of products like credit cards, insurance, home loan in UAE, and so on. However, while finding a mortgage loan in UAE for constructed properties is a straightforward task, getting a mortgage loan for under-construction properties can often prove challenging. 

Among the numerous available options regarding home loans in UAE is DIB Home Loan provided by the Dubai Islamic Bank, which offers several plans for a mortgage and home loan in UAE to help users buy, build, or renovate properties. Notably, DIB has further collaborated with Mohammed Bin Rashid Housing Establishment (MRHE) to ensure affordable home loans in UAE for an increasing number of individuals. 

The central aspect of the DIB home loan, however, is that you can also avail of a mortgage loan in UAE for under-construction properties, even for those being constructed by private contractors. The article below explores more aspects related to DIB home loan plans, the Dubai Islamic Bank Al Islami Home Finance under Construction Non-Freehold (Self Construction), and more in detail.

Dubai Islamic Bank Al Islami Home Finance Under-Construction Non-Freehold (Self Construction)

  • Minimum Salary AED 10,000
  • Monthly Payment AED 7847
  • Flat Rate NA
  • Reducing Rate 4.24%
  • No Salary Transfer
  • Islamic Finance
  • sharia Compliant

Benefits of Dubai Islamic Bank Al Islami Home Finance under Construction Non-Freehold (Self Construction)

The Dubai Islamic Bank offers several mortgage loan in UAE plans at affordable prices to both UAE Nationals and Expatriates. While this type of DIB home loan comes with several beneficial features, the most relevant ones of Dubai Islamic Bank Al Islami Home Finance under Construction Non Freehold (Self Construction) are:

  1. Long Loan Term - Dubai Islamic Bank provides a home loan in UAE for a maximum loan tenure of 25 years to ensure manageable monthly instalments.
  2. Minimal Documentation - Keeping the paperwork requirement minimum, the bank only needs proof of your identity and income to approve your mortgage loan in UAE.
  3. Low Interest  - You can apply for this DIB home loan and incur a minimal interest amount, with the interest rates starting at 4.24% per annum.
  4. High Loan Amount - With the maximum amount for its home loan in UAE going up to AED 50,000,000 (AED 50 million), DIB Bank provides sufficient funds to finance even the luxurious properties in the country.
  5. Zero Salary Transfer Requirement  - A key advantage of DIB Mortgage Loan services is that candidates are not required to transfer their salaries to the bank. 

Dubai Islamic Bank Al Islami Home Finance under Construction Non-Freehold (Self Construction) Interest Rates

When you plan to buy a home or finance an under-construction property, you must take the price, location, and the interest rate for the loan into consideration. Given below is a breakdown of the interest rates for DIB Home Loan products:

Home Finance Plan

Rate of Interest (Reducing)

Dubai Islamic Bank Al Islami Home Finance under Construction Non-Freehold (Self Construction)

Starting from 4.24% per annum

Eligibility Criteria for DIB Al Islami Home Finance under Construction Non-Freehold (Self Construction)

Applying for a DIB home loan may prove futile if you are unaware of the criteria specified by the bank to consider an applicant eligible. To simplify your application procedure for a DIB mortgage loan in the UAE, you can refer to the following table of all the eligibility requirements set by the Dubai Islamic Bank and keep it in mind before applying

Age Requirement

21 – 70 years

Residency

UAE Nationals and Expatriates

Down Payment

  • 20% of the property value for UAE Nationals
  • 25% of the property value for Expatriates

Monthly Salary Requirements

  • AED 10,000 for UAE Nationals
  • AED 12,000 for Expatriates

Buy your dream home through Home Loan @ lowest Rate in uae

Top Reasons to Go with DIB Al Islami Home Finance under Construction Non-Freehold (Self Construction)

Besides excellent online banking services, DIB home loan is widely opted for in the UAE due to its unique plans concerning home loan in UAE, dedicated customer service, and more. The main features of the DIB home loan that make it such an excellent option are listed below:

  • 25-year loan tenure
  • Loan amounts ranging up to AED 50,000,000
  • Quick approvals
  • Low-interest rates starting from 4.24% per annum
  • Minimal Documentation
  • Salary Transfer optional

While you can always contact the DIB customer service for any queries, some of the most common queries related to DIB home loan in UAE are discussed in the following section.

Frequently Asked Questions

How much money can I get from Dubai Islamic Bank Home Loan?

The highest loan amount that you can receive with a DIB home loan is AED 50,000,000.

Is it possible to settle off my home loan in full prior to the loan term’s expiry?

Yes, DIB Bank allows settlement of the DIB home loan before the expiry of its tenure in exchange for a modest early settlement fee.

What is the minimum age for a Dubai Islamic Bank Home Loan?

Individuals must be at least 21 years old to be eligible for a DIB Mortgage Loan.

What is the current interest rate on a DIB Bank mortgage?

The annual interest rates for DIB mortgage loan begin at 4.24 per cent.

What is the minimum income needed to qualify for a Dubai Islamic Bank Home Loan?

Dubai Islamic Bank requires minimum monthly earnings of AED 10,000 AED for UAE Nationals and AED 12,000 for expatriates applying for the DIB mortgage loan.

As an ex-pat, do you qualify for a Mohammed Bin Rashid Housing Establishment Loan?

Yes, Dubai Islamic Bank Al Islami Home Finance under Construction Non-Freehold (Self Construction) is accessible to both UAE residents and expatriates.

How to apply for a DIB Mortgage Loan in UAE?

You can visit the official Dubai Islamic Bank website and check out their ‘home finance’ or a similar section to proceed with your DIB mortgage loan application. You can also apply for the same on policybazaar.ae and buy a home loan in UAE after thorough research in one place.