Emirates Islamic Bank (EIB), a leading Islamic financial institution, has launched a new Sharia-compliant mortgage product that offers UAE nationals 100 per cent financing.

The new mortgage loans can be used for purchasing an existing property or for financing a new-build.

The home finance solution, named Bina’a (Arabic word meaning ‘to build’), is the only home financing product in the country that provides full finance to customers, a statement said.

Bina’a provides competitive variable rate options starting from 4.99 per cent and pre-approval within 24 hours. With this product, customers can also opt to fix their profit rate and instalments for up to five years, according to the statement.

“For most people, owning a home is one of the biggest lifetime investments and provides an opportunity to build equity in real estate,” said Faisal Aqil, general manager-Retail Banking, Emirates Islamic Bank.

“The Emirates Islamic Bank Bina’a solution was developed specifically to address the needs of UAE nationals who aspire to owning their dream home. The mortgage loans are simple and hassle-free, which only leaves customers with deciding which property to buy or location to build their perfect home.”

The first-of-its-kind offer in the market also includes other benefits such as no processing fee for buy-outs, no early settlement fees, 60-day instalment deferment and a cash release option from completed properties, the statement said. – TradeArabia News Service