Effective March 1, 2008
The following terms and conditions govern the rules of Tamweel financing.
| Eligibility |
|
| Age: |
21 years (minimum)
65 years (maximum) upon maturity of financing |
| General Financing Terms |
| Finance Amount: |
Up to AED 7 million for residential and AED 25 million for commercial |
| Down Payment: |
25% (minimum)
(down payment percentage may vary depending upon the product selected) |
| Term of Financing (Tenure): |
Up to 25 years for residential and 10 years for commercial
|
| Processing and Arrangement Fee: |
Residential: 1.25% of finance value ( maximum of AED 17,000 for salaried, AED 35,000 for self employed)
Commercial: 1.50% of finance value ( 0.5% of finance value is due upon application, and the remaining is due on approval) |
| Other charges payable are: |
Land Registration Fee: As required by the Land Department
Takaful ( Life and Property): At special rates for Tamweel customers |