Emirates Islamic Bank (EIB) Home Loan

Best Home Loans to buy your dream home

T&C Apply

  • Flexible repayment periods up to 25 years
  • Processing fees as low as 1%
  • Profit rates starting at 2.75% per year

Get Home & Mortgage loan at Lowest Interest Rate

  • Dubai
  • Abu Dhabi
  • Sharjah
  • Ras Al Khaimah
  • Ajman
  • Other

With the aim to be the most resourceful Shariah-compliant bank, Emirates Islamic Bank was established in the year 2004.  While offering its customers the highest banking standards, EIB provides an array of financial solutions for not just individuals but also small and large businesses. With the aim to be the most resourceful Shariah-compliant bank, Emirates Islamic Bank was established in the year 2004.  While offering its customers the highest banking standards, EIB provides an array of financial solutions for not just individuals but also small and large businesses.

If you are looking for a home loan, EIB mortgage loans are definitely worthy of your consideration. The bank not only offers the best deals on mortgage loans but also promises a dedicated approach to the customer’s needs. While making use of Islamic tools, EIB endeavors to reduce the uncertainty in financial transactions. 

EIB Home Loan Plans

Emirates Islamic Banking offers the following home financing solutions:

Bina'a Home Finance 

As per the Islamic principle of Forward Ijarah, EIB offers you financial assistance for property construction. Here is a look at its salient features:

  1. You can get a loan of up to 85% of the current market value
  2. EIB allows you to borrow high finance amounts as well
  3. In case of an accident, Takaful coverage will protect your loved ones

Apply Now


Manzili Home Finance

Under this EIB mortgage loan option, you can seek a comprehensive financial solution.

  1. Longer equated monthly installments make the repayment easier and pocket-friendly
  2. You can avail attractive EIBOR profit rates
  3. Depending on your eligibility, you can enroll into Priority Banking

Apply Now


Features and Benefits of EIB Home Loans

EIB home loans are planned in a way that the borrowers can avail of the maximum benefit. Several features of the home loans are-

  • The interest rates offered by the bank are reasonable
  • There is a minimum 1% processing fee charge
  • For buy-outs, there is no processing fee 
  • Customers can avail of higher finance amounts of up to 85% finances of the property value
  • The application process is completed quickly with minimum documentation 
  • Up to 25 years of repayment tenure can be availed for repayment
  • With the home loan, customers also get the benefit of a Life Takaful 

Purchasing your dream home has never been this easy! EIB home loans bring a lot of advantages for all its customers. Let's take a look:

  • Repayment made convenient: The loan repayment tenure and the mode of repayment is a major concern when seeking a home loan. Emirates Islamic Bank mortgage loans are designed taking the customers’ convenience into consideration. The option of the monthly repayment is offered and one can choose a repayment tenure as prolonged as 25 years. 
  • Enjoy added benefits: The bank also makes arrangements for engineering and project monitoring services. These services can be availed for properties that are under construction. A great benefit of taking an EIB home loan is that for these additional benefits, no amount of fees is charged. 
  • Get higher finances: With EIB home loans, customers can avail more financial assistance to purchase their dream home. As high as 85% of the property value is offered, which helps in making the down payment quite affordable. 
  • Takaful benefits: EIB home loans also offer Life Takaful. It also covers your whole family against any mishap. In case of any physical injury or loss of life, Takaful provides financial assistance, so that the burden of the debt does not fall on your family. 
  • Hassle-free loan application and approval process: The home loan application at Emirates Islamic Bank is quite simple and hassle-free. With minimum documentation, the processes are completed on a quick note. 

Eligibility Criteria of EIB Home Loan & Mortgage Loan:

For the home loan eligibility at the EIB bank, you must meet the following criteria.

  • Both UAE nationals and expats are eligible to apply for a home loan at EIB
  • Home loans by Emirates Islamic Bank are also available for salaried individuals and self-employed individuals
  • For salaried individuals, the total duration of employment in the UAE should be at least six months
  • Meanwhile the businesses need to be at least two to three years’ old 
  • Good credit history is a must for both Salaried individuals and self-employed persons 

Interest Rate of Emirates Islamic Bank Home Loan & Mortgage Loan

Let us now take a look at the Emirates Islamic Bank interest rates:

Type of Loan

Maximum Tenure

Maximum Amount

Home Finance Bina'a

25 years

85% finances of the property value

Home Finance Manzili



How to Apply for EIB Home Loans?

Application via Policybazaar.ae

  • Visit the Policybazaar’s website and go to home loans
  • You will now have to fill in out the lead form 
  • As you click on Submit, the screen will display a list of home loan options 
  • Browse through the plans and compare their features
  • Choose the most well-suited home loan and then proceed to application form
  • Upload the form with the required documents (listed below)
  • A bank representative will get in touch with you when your application has been processed and guide you further

Application Via EIB Website:

Emirates Islamic Bank offers both an online and offline method of applying for a home loan. You can choose any of the methods as per your preferences and convenience. The online method includes-

  • Click on the "Finance" section on the website
  • Choose the type of home loan you would like to apply for
  • Fill out the online registration form and submit
  • You will be further directed for the process
  • An executive from the bank will soon connect with you for the further formalities 
  • Make sure you attach all the relevant documents properly

If you want to follow the traditional method, you may visit your nearest EIB branch and fill and submit the home loan application form. Do not forget to take all the necessary documents with you to complete the process successfully. The bank's executive will guide you further. 

Documents Required for EIB Home Loans:

Emirates Islamic Bank's home loan application procedure includes the following documents:

For Salaried Individuals:

  • Expatriates need to have a valid passport and visa information, Nationals should present their National Emirates ID 
  • Last 6-month bank statements
  • Salary certificate
  • A copy of the contract of employment 
  • Property documents like receipts of down payments, offer letter by the seller, Sales and Purchase agreement 

For Self Employed Individuals:

  • Nationals should present their National Emirates ID, expatriates should provide their passport and visa details
  • Copies of business documents such as labour contracts, financial audits of the last two years, partnership agreements (if applicable), and trade licenses are mandatory. 
  • Statement of last year’s bank account
  • Last six month’s bank statements for personal accounts
  • Property details like offer letter from the seller, site plan, down payments receipts, Sales and Purchase agreement.

Emirates Home Loan & Mortgage Loan Calculator

Emirates Islamic Bank provides an innovative online Mortgage Loan Calculator on its official website. By using this tool, you can estimate the monthly home loan repayments you will have to make.

Steps to use the Emirates Islamic EMI Calculator:

  • Enter the value of the property against which you need a loan in the “Property value” field
  • Fill out the down payment details - at least 15% of the property's value, financial amount details 
  • Set the tenor and profit rate you would like to have by sliding the cursor.
  • Enter your personal information as the final step to get a detailed EMI plan based on your entered values.

Terms & Conditions for EIB Home Loans

When you take a home loan keep in mind that it is going to be a long-term commitment. It is highly recommended that you understand all the terms and conditions of the contract. You can also take the help of a legal expert. Here are some of the basics that you must keep in mind:

  • There are multiple terms and conditions, therefore it is necessary to read the contract documents attentively 
  • Make sure to submit the securities stated in the sanction certificate
  • Ensure that you have all the necessary paperwork ready
  • Inform the bank in writing in case there is a prominent change in your financial circumstances which may affect the loan repayment
  • In case your repayment is not regular, the following scenarios can take place:
    • Your property could be taken over
    • Your credit rating would be negatively affected
    • You may have to re-finance the loan.

Why to Choose Emirates Islamic Bank in UAE?

The Shariah-compliant home loan facilities offered at the EIB offer great deals at reasonable rates. This is the reason why the bank has emerged as a leading name in less than two decades. There are two types of home loans offered and you may go for whichever suits your requirements. Due to the longer repayment tenure and competitive interest rates, the repayment burden is cut to a great extent. Also, the additional benefits offered by the bank at 0% charges are further an add-on to your home loan. So, if you have plans for purchasing a home loan, EIB could be your ideal deal. 


Is there a difference between a conventional home loan and an Ijarah facility?

Yes, Conventional Home Loan and Ijarah Facility differ on several notes such as-

  1. The Ijarah Facility is Shariah-compliant. Here, you need not pay any interest against the borrowed money. Instead, the bank purchases it for you and offers it to you on lease for a certain period of time, as agreed by both parties. 
  2. In a conventional home loan, you need to repay the loan amount along with the interest charged on it. 
  3. In a conventional home loan, the borrower becomes the owner of the home as soon as the transfer of property is done. However, in an Ijarah system, the borrower pays the lease amount to the bank. After the end of the lease agreement, the borrower becomes the owner. 
What are the two types of EIB Home loans?

The two types of home loans offered by EIB are-

  • Home Finance-  Bina'a
  • Home Finance - Manzili
What is the maximum repayment tenure for the EIB Home loan?

The maximum repayment tenure, as offered under Home Finance Bina'a, is 25 years.

Can the refinance or equity release be done against an existing conventional home loan or mortgage loan?

Yes, customers can refinance the existing conventional home or mortgage loan with other banks through EIB home finance.

Reviews & Ratings

4.6 / 5 (based on   18147 google icon reviews)

More From Home Loans