Before Amlak can approve
your finance application certain criteria must be satisfied
and a full financial review must be completed. The most important
criteria are listed below.
Age
Minimum age is 21 years.
If you are self-employed, the financing facility must
be settled before the age of 65.
If you are a salaried employee, it must be settled before
the age of 60
Maximum tenor
of finance
Up to 20
years for residents
UP to 15 years for non-residents
Maximum finance
Up to 90% ((for Nationals
& UAE Residents)
Up to 70% (for Non Residents)
Mode of finance
Ijarah "Lease with
promise to sell to lessee"
Processing fees
1% of the amount applied
for Nationals & UAE Resident 1.25% for Non-UAE Resident
with minimum AED 5,000, maximum AED 25,000.
The following
table lists the FVR with the corresponding profit rates:
Finance To Value Ratio
Nationals & UAE Residents
Non Residents
90%
7.5
N/A
80%
7.2
N/A
70%
7
7.75
DOCUMENTS CHECKLIST
For
all customers
Completed application form
Original passport or certified copy
Cheque for processing fee
For
salaried customers
Letter from employer addressed
to Amlak stating length of service, present
position and breakdown of monthly salary.
If you have changed employment within the
last 3 years, you'll need to provide a letter
from previous employer
6 months' bank statements
of your salary account
Liability letter from bank/finance
company if you have any other outstanding
finance (i.e. car/personal loans)
For
self-employed customers (business should have been operating
for at least 3 years)
6 months' company and personal bank statements
Copy of Trade License
Copy of Chamber of Commerce Registration
Copy of Memorandum of Articles and Association
(MOA)
3 years' audited accounts
Facility letter from your bank
Non-residents
applicants
In addition to the above documents, tax returns
for the last 3 years is required
