Move into the home your family deserves.
Home is where the heart is. Your real estate goals have never been closer to reality with our flexible Real Estate Finance solution and competitive profit rates.
Know your finance options
Plan ahead for a property purchase that you have had your eye on. Our Real Estate Finance solutions can help you make the following property types yours:
Warning: If you do not keep up your payments on time then: 1- You may lose your property and may be repossessed by the Bank 2- Your account will go into arrears which may affect your credit rating and may limit your ability to access/obtain financing in the future 3- Your security cheque may be presented for clearing; against the settlement of the unpaid installment amount 4- In case of default, the Bank will initiate actions including financing collection measures involving collateral securities and claim on guarantees and initiate legal proceedings against you in the competent courts of the UAE |
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Residential Finance
Own a place of your own….
Customized to bring you a host of flexible property finance solutions to suit your needs. Whether you want to own a ready apartment, villa, or townhouse, build your own home, buy a piece of land, or invest in a non-residential property; we at Sharjah Islamic Bank can assist you.
Features & Benefits
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Non-Residential Finance
Freedom to Finance Non-residential Property
Sharjah Islamic Bank's Non-Residential property finance offers you the flexibility of choosing completed properties such as shops, office spaces, and other business units.
Features & Benefits
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Our commitment to unparalleled service
Required Information
- Application form
- View Takaful Insurance Policy
- Passport & Emirates ID copy
- View the latest Central Bank of UAE EIBOR Rates www.centralbank.ae
- Valid residence visa for expats
- View Terms and Conditions
- Minimum Salary AED 10,000
- Salary transfer letter
- Valuation certificate
- Six months bank statement
- Property documents (site plan, map, title deed, etc.)
- View Real Estate Finance Base Rates
What would you like to do?
Give us feedback
Write to us and we will get back to you soon.
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The online application takes only a few minutes to fill out.
Frequently asked questions
What is Islamic Home Finance?
Islamic Home Finance operates like a rent-to-own home purchase plan. The bank buys the property from the seller and leases it to the customer, with the agreement culminating in ownership at the end of the finance tenure.
How is Islamic Home Finance different from conventional mortgages?
In a conventional mortgage, the customer repays the loan with an added interest charged by the bank. In contrast, Islamic Home Finance adheres to sharia principles, where interest (riba) is prohibited. The bank purchases the property on the customer’s behalf and leases it to the customer, with rent determined for each lease renewal period.
What types of Islamic Home Finance does SIB provide?
SIB Islamic Home Finance is based on ijarah principles. Under this arrangement, the bank purchases the property and leases it to the customer for an agreed rent, which is subject to change during each lease renewal period.
Can non-Muslims apply for Islamic Home Finance?
Yes, SIB Home Finance is available to all customer segments, including individuals of any nationality and religion, whether salaried or self-employed.
What is the eligibility criteria for Islamic Home Finance?
Eligibility varies based on the customer’s profile. Visit SIB general terms & conditions for detailed eligibility information based on customer segments and property types.
What happens if I cannot make my payments?
Failure to make payments may result in:
Your account going into arrears, potentially affecting your credit rating and limiting future financing opportunities. Loss of your property, which may be repossessed by the bank.
Is takaful required for Islamic Home Finance?
Yes, both property and life takaful are mandatory for the duration of the finance and must remain valid until the finance is fully settled.
Can I settle my Home Finance early?
Yes, early settlement is permitted, subject to a fee as per the bank’s prevailing charges.
What types of properties are eligible for Islamic Home Finance?
SIB offers finance for:
Ready residential properties (villas, townhouses, or apartments)
Residential and non-residential land
Office spaces (serviced offices)
Retail spaces (shops or retail stores)
How is SIB Home Finance's profit rate applied?
SIB Home Finance is offered at a reducing profit rate.
Flat rate: the profit rate remains constant throughout the finance term and is calculated on the original principal amount.
Reducing rate: the profit is calculated on the outstanding balance, which decreases as settlement/repayments are made.
Reducing rates typically reflect the actual cost of finance more accurately than flat rates, even if the advertised flat rate appears lower.
How much deposit is required for Islamic Home Finance?
The deposit requirement depends on the customer’s nationality, property type, and value:
Residential property:
UAE nationals:
First house/owner occupier:
Property ≤ AED 5 million: minimum 15%
Property > AED 5 million: minimum 25%
Second/subsequent houses or investment property: minimum 35%
Expatriates:
First house/owner occupier:
Property ≤ AED 5 million: minimum 20%
Property > AED 5 million: minimum 30%
Second/subsequent houses or investment property: minimum 40%
Non-residential property:
New purchase:
UAE nationals: up to 35%
Expatriates: up to 40%
Equity release (ready non-residential property):
UAE nationals: up to 40%
Expatriates: up to 45%
Equity release (non-residential land):
All nationalities: up to 50%
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