- Are Tamweel's home financing products Sharia compliant?
Yes. All Tamweel products are Sharia compliant and have been designed on the basis of Islamic Sharia principles.
- What happens if I sell the property before the financing is paid off?
You would need to make an immediate repayment of the outstanding principal amount and the actual prepayment costs only.
- How much financing can I afford?
Your total monthly outflows or payments (including the property financing repayments) should not exceed 55 percent of your total monthly income. Our Finance Calculator will help you work out approximately how much your monthly property finance repayment would work out to.
- How much Financing am I eligible for?
The financing eligibility varies from one product to another and from one property to another. It also varies based on different customer profiles. For example, if you are a UAE Resident customer having audited financials from one of our approved auditors, Tamweel can finance you up to 80% of the value of the property at attractive and flexible profit rates.
- What type of properties do you finance?
We provide financing for properties from our approved list of developers. Our financing is available for under construction properties as well as for existing / ready property (including bulk deals and commercial property financing).
- How long can the term of financing be?
We can provide financing for up to 10 years (for commercial property and bulk deals) and up to 2.5 years (for land financing).
- Can I repay my financing early?
Yes, you may repay your financing early. Our finance advisors are available to advise you on how to minimize your prepayment costs. As this is a Sharia compliant offer, you do not have to pay penalty charges for prepayment - only a charge based on the actual prepayment cost will be payable by you.
- Can I pay off part of the financing or make extra payments each month?
Yes, you may make lump sum or extra payments. Your finance advisor can guide you regarding your payment schedule.
- Do I need insurance, and if so, what kind?
Yes, at Tamweel, we require "Property Takaful", as well as "Family Protection Plan". As part of our service, we have an alliance with Salama Insurance to provide Sharia compliant Family Protection Plan at very competitive rates for all our customers.
- What happens if I have to move out of the country during the financing period?
You may continue to repay the installments for the finance by providing us with fresh repayment instructions, or you may prepay the finance arrangement before selling off the property.
- How do you enlist a developer onto your approved list?
Developers are enlisted by Tamweel based on a number of factors. Their financial strength, their professional project management capabilities, demand for their properties, and many other salient factors.