Effective March 1, 2008
The following terms and conditions govern the rules of Tamweel financing.
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Eligibility |
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Age:
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21 years (minimum)
65 years (maximum) upon maturity of financing |
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Income / Salary:
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Individual Applicants: Min. AED 10,000/- per month
Joint Borrowers: Min. AED 12,000/- per
month (total household income)
(subject to a minimum income of AED 8,000/- for one
of the co-borrowers)
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Employment Status:
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Salaried Applicants: Confirmed employment for at least 1 year
Self-employed Applicants: Operating and profitable for the last 3 years
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General Financing Terms |
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Finance Amount:
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Up to AED 7 million |
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Down Payment:
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15% (minimum)
(down payment percentage may vary depending upon the product selected) |
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Term of Financing (Tenure):
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Minimum:
Maximum:
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Murabaha:
Forward Ijara:
Flexi Ijara:
Fixed Ijara:
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5 years
15 years (fixed rate)
25 years for flexible rate
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Mode of Payment:
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Monthly post-dated cheques or Standing Instructions from your salary account. Tamweel does not accept cash payments. |
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Unique Rate Switch Option:
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Customer may switch from a fixed to a flexible rate (or vice versa) once in every
3 years (0.5% of the outstanding principal amount is charged for this facility)
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Processing and Arrangement Fee:
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1.25% of the finance amount (maximum of AED 17,000) (To be paid in two installments:
0.5% of the finance amount is due upon approval, and the remaining 0.75 % of the
finance amount prior to disbursal)
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Other charges payable are:
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Mortgage and Registration Fee: As required by the Dubai Land Department Insurance
(Life and Property): At special rates for Tamweel customers Management Fee: May
be applicable for products with special low profit rate offers |