SIB Tamallak Home Finance

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

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Get Home & Mortgage loan at Lowest Interest Rate

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

Sharjah Islamic Bank, abbreviated as SIB, is one of the leading banks in the United Arab Emirates. In 2021, SIB was ranked in the top 100 most influential companies in the Middle East by Forbes. Since 1975, SIB has served the people of the UAE with utmost devotion and unflinching commitment. SIB was first conceived as the National Bank of Sharjah. The bank gained popularity over the years and expanded steadily across the UAE.

In 2002, the financial institution shifted its banking system to the traditional Islamic banking method. A major turn for the bank was the transition from corporate finance to Islamic banking. Along with customizing specialized goods and services for consumers, the bank's entire structure was changed to comply with Islamic law. Through its extensive networks in the UAE, SIB now provides consumers with a wide range of Shari'a-compliant corporate, retail, and investment services. 

Owning your home on the busy streets of the UAE could be a dream come true moment for you. SIB home loans bring you the rare opportunity to grab the best deals on mortgage loans in UAE. If you are planning to buy your dream property, contact SIB now and avail yourself of the best offers. SIB Tamallak home finance is an offer that will empower you with the freedom of easy installments and a fixed rate of interest throughout your repayment tenure. The easy paperwork and transparent policies make it even simpler for you. If you are currently looking for the best home loan in the UAE to build your nest of peace, SIB is the most suitable option for you. Without further ado, let us jump straight to the features and benefits of the SIB Tamallak home finance.      

Features & Benefits of SIB Tamallak Home Finance

Sharjah Islamic Bank has been the forerunning financial institution in the UAE for more than 4 decades. From corporate finances to Islamic banking, SIB has always stood by the people and extended its cooperation in various capacities. SIB Tamallak home finance is a mortgage loan scheme that enables people to take ownership of their dream property. 

Here is a highlight of the policy that has enthralled customers.

  • SIB approves this loan as per Islamic Laws and it is sanctioned as a gesture of cooperation mentioned repeatedly in the sacred laws
  • One can instantly take possession of the property with the help of SIB Tamallak home finance
  • The governing authority of the bank allows its users sufficient time to repay the loan
  • The manageable monthly installments and a low flat rate of interest of 3.31% help you plan your finances effectively after securing the loan
  • You can choose to repay the loan slowly with a long tenure that allows you more freedom 
  • You can apply for and procure a home loan from SIB for both ready-to-move-in and under-construction properties
  • SIB has a minimal yet effective paperwork policy that keeps both parties (bank and users) safe and secure  

Interest Rates for SIB Tamallak Home Finance

Now lets look at the interest rates for the  SIB Tamallak home finance loan.

Name of Loan

Maximum Amount

Repayment Tenure

Flat Rate of Interest

SIB Tamallak Home Finance

NA

20 years

  • Flat rate of 3.31%
  • Reducing rate of 6%

Documents Required to Avail SIB Tamallak Home Finance

When you apply for a loan from a reputable bank, it is obvious that certain documents are absolutely necessary to furnish. If you wish to avail the facilities of SIB home loans, you have to have your paperwork organized properly. For SIB Tamallak home finance, you must produce the following documents to the banking personnel. 

  • Proof of your original Emirates ID
  • Original passport and its photocopy
  • Valid UAE residence visa in case of expatriates
  • Valuation certificate of salary transfer letter 
  • Bank statement for the last six months
  • Documents related to the property you wish to procure including the title of the deed, map, and site plan 

Eligibility Criteria for SIB Tamallak Home Finance

To avail of the facilities of the best mortgage loans in the UAE, you have to fall under the category of eligible candidates. The eligibility criteria vary from bank to bank and plan to plan. It may happen that the same bank has different eligibility criteria for two different home loan plans. Therefore, you must stay updated regarding the current eligibility criteria of SIB Tamallak home finance. 

Find below the necessary details of the eligibility criteria for the plan.

  • Your minimum monthly salary should be AED 25,000 or above to be eligible to apply for the loan
  • You have to be well-versed with the Islamic banking system in order to avail the facility from SIB
  • You have to comply with the clauses laid down by the SIB managing authority
  • You must be salaried or self-employed and must produce enough information that you are financially capable of repaying the loan once approved 
  • Non-UAE expats can also apply for the loan with proper documentation as mentioned above

Category

Minimum Salary Requirement

Salaried/ Remunerated

AED 25,000

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

SIB Tamallak Home Finance Calculator

Interest calculation depends on several significant parameters:

  • Amount of loan procured
  • Amount of instant down payment
  • Tenure of repayment
  • Rate of interest applied on the capital amount (loan to be paid)

Once you apply for the loan, you will have a clear idea of how much money you can spare as direct down payment and how much you need to pay in installments. After clearing these two basic aspects, you must move on to the rest of the calculation. 

You will find an online interest calculator on the official website of SIB. Visit the site and feed the boxes with sufficient information as discussed. Once you fill out the boxes, the online calculator will automatically calculate the interest amount. 

Terms and Conditions of SIB Tamallak Home Finance

Every loan comes with a set of predetermined terms and conditions. SIB Tamallak Home Finance terms and conditions are as follows:

  • If you wish to settle the loan before the date of maturity, you have to pay 2% of the outstanding loan along with the due payment
  • You must have Takaful Life Insurance to avail of the benefits of this loan
  • Get your property insured and registered with the Land Department to avoid any dispute in the future
  • You must pay 25% of the property value as the down payment 

Top Reasons To Choose SIB Tamallak Home Finance

SIB Tamallak Home Finance loan is among the best mortgage loans in the UAE. Why would you apply for this plan? Here are some of the top reasons to choose SIB Tamallak Home Finance. 

  • It offers a high amount of loans at a bare minimum interest rate
  • Only 1% of the total loan amount is charged as a processing fee
  • You can repay the loan slowly for 25 years which cuts down the burden 
  • SIB has the best documentation system with online and mobile banking readily available   
  • Salary transfer is mandatory for the salaried individuals 

FAQs

What is the tenure of repayment of SIB Tamallak Home Finance?

The bank has been very lenient with the tenure of repayment. You can pay back the loan slowly over a period of 20 to 25 years.

Is SIB Tamallak Home Finance applicable for ready-to-move-in properties?

No, you can apply for the loan and procure it for under-construction properties with proper documentation and supplementary paperwork.

Is the rate of interest fixed for SIB Tamallak Home Finance?

Yes, the rate of interest is fixed and it is around 3.31% as of now.

Can expatriates apply for this loan?

Yes, non-UAE expatriates can apply for this loan provided they are capable of producing relevant documents as discussed in the required documents section. 

 

Reviews & Ratings

4.6 / 5 (based on   20020 google icon reviews)

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