Answers to the most
frequently asked questions.

Home Finance

Who can apply for ADCB Islamic Banking Home Finance ?

ADCB Islamic Banking Home Finance Facilities are open to all eligible UAE residents (Nationals and Expatriates) as well as eligible Non-residents.

What is the minimum monthly salary/income requirements?

Employment Category  UAE Nationals Expatriate Residents Non-residents  
Salaried AED 8,000 p.m. AED 15,000 p.m. Minimum income not applicable for Non-residents.
Self-employed AED 75,000 p.m.
average credit turnover  
AED 75,000 p.m.
average credit turnover 
Minimum Assets Under Management (AUM) with ADCB - AED 200,000.

Do I require to be an existing ADCB Islamic account holder to apply for ADCB Islamic Banking Home Finance?

If you are a UAE resident, you do not need to have an account or be an existing customer of ADCB to apply for an Islamic Banking Home Finance. However, you are required to open an ADCB Islamic Banking Current Account as a payment account along with the purchase of property and set up your Islamic Banking Home Finance facility.

If you are a Non-resident, you need to have a savings account as it will serve as your payment account. For Self – Employed Private Customers the minimum required Length of Relationship with ADCB is 3 months, for Self – Employed Excellency and Privilege Customers the minimum Length of Relationship is 12 months.

How to apply for an ADCB Islamic Banking Home Finance ?

There are three convenient ways to apply for an ADCB Home Finance.

Simply apply online through our www.adcbislamic.com website, or visit any of our ADCB Branches or alternatively you may also simply call our Toll free ADCB Contact Centre on 600562626, for one of our dedicated Home Finance Relationship Managers to further assist you with your requirement.

What is the maximum finance amount I can apply for?

   Residents  Non-residents  
 Minimum Finance amount  AED 250,000  AED 750,000
 Maximum Finance amount  AED 24,000,000  AED 15,000,000

Please note that the maximum Finance amount could vary according to personal circumstances, the nature of the transaction and the property’s developer involved in the transaction.

Is there a minimum age prerequisite?

21 years or older for UAE residents (National / Expatriates) and Non-residents

What is my profit rate ?

ADCB Islamic Banking offers the most competitive Home Finance profit rates: You can choose the plan that suits you most.

Hybrid Rate Option: This type of rate option allows customers to fix their applicable profit rate for a short period of time, after which the profit rate will shift back to the variable rate of ADCB Islamic Banking which is based on relevant EIBOR + Margin.

Variable Rate Option: Also commonly known as a floating rate finance, is a type of finance option where the profit rates will vary based on prevailing market conditions. The variable rate of ADCB Islamic Banking which is based on relevant EIBOR + Margin.

Important Notes & Definitions:

  • Definition of EIBOR: Emirates Interbank Offered Rate as determined by ADCB from time to time.
  • Review Frequency: The Bank will apply the ‘6 month EIBOR’ in January and July of every year and the ‘3 month EIBOR’ in January, April, July and October every year. However, the variable reference rate review can be done at a lesser or longer frequency at the ADCB Islamic Banking sole discretion. In case the relevant EIBOR has changed on the review date, ADCB Islamic Banking will apply the EIBOR rate applicable on the respective home finances to reflect such change from that respective month.
  • Historic 1M EIBOR Resets:
    Sr No 1 month EIBOR as on Value
    1 2-May-2024 5.39%
    2 1-April-2024 5.46%
    3 1-Mar-2024 5.42%
    4 1-Feb-2024 5.42%
    5 1-Jan-2024 5.32%
    6 1-Dec-2023 5.37%
    7 1-Nov-2023 5.36%
    8 1-Oct-2023 5.39%
    9 1-Sep-2023 5.25%
    10 1-Aug-2023 5.35%
    11 4-July-2023 5.19%
    12 5-June-2023 5.27%
    13 2-May-2023 5.17%
    14 7-April-2023 5.07%
    15 3-Mar-2023 4.78%
    16 3-Feb-2023 4.71%
    17 10-Jan-2023 4.54%
    18 6-Dec-2022 4.19%
    19 1-Nov-2022 3.78%
    20 3-Oct-2022 3.27%
    21 1-Sep-2022 2.59%
    22 1-Aug-2022 2.50%
    23 4-Jul-2022 1.81%
    24 2-June-2022 1.18%
    25 5-May-2022 0.96%
    26 19-Apr-2022 0.58%
    27 17-Mar-2022 0.28%
  • Historic 3M EIBOR Resets:
    Sr No 3 months EIBOR as on Value
    1 1-April-2024 5.18%
    2 31-Dec-2023 5.38%
    3 30-Sep-2023 5.22%
    4 4-July-2023 5.15%
    5 7-April-2023 4.88%
    6 10-Jan-2023 4.55%
    7 3-Oct-2022 3.44%
    8 2-Aug-2022 2.68%
    9 4-Jul-2022 1.79%
    10 19-Apr-2022 1.05%
    11 28-Jan-2022 0.42%
    12 19-Oct-2021 0.35%
    13 29-Jul-2021 0.35%
    14 12-Apr-2021 0.35%
    15 12-Jan-2021 0.42%
    16 13-Oct-2020 0.43%
    17 13-Jul-2020 0.60%
    18 16-Apr-2020 1.57%
    19 13-Jan-2020 2.07%
  • Historic 6M EIBOR Resets:
    Sr No 6 months EIBOR as on Value
    1 31-Dec-2023 5.29%
    2 4-July-2023 5.42%
    3 10-Jan-2023 4.81%
    4 1-Nov-2022 4.62%
    5 1-Sep-2022 3.39%
    6 4-Jul-2022 2.71%
    7 19-Apr-2022 1.57%
    8 28-Jan-2022 0.66%
    9 29-Jul-2021 0.53%
    10 12-Jan-2021 0.53%
    11 13-Jul-2020 0.85%
    12 16-Apr-2020 1.55%
    13 13-Jan-2020 2.15%
    14 11-Jul-2019 2.86%
    15 27-Jan-2019 3.15%

What is my monthly rental payments?

Monthly rental payments are based on the property value amount, tenure and the Ijarah profit option you have selected.

Ijarah - For completed properties; your rental payment (EMI – equated monthly installment) will be paid each month

Forward Ijarah – For properties that are still under construction, you will have to pay the monthly advanced rental (pre-EMI) throughout the construction phase and subsequently the EMI as agreed following the completion of the property.

What are the takaful requirements for ADCB Islamic Home Finance applicants ?

Life and property Takaful are a mandatory requirement to avail Islamic Home Finance. As an added convenience, ADCB Islamic Banking does offer a competitive life and property Takaful to customers:

For residents:
  • Life Takaful is currently being offered at 0.0184% per month on the outstanding finance amount
  • Property Takaful is being offered at 0.042% per annum on property’s original value
For Non-residents:
  • Life Takaful is currently being offered at 0.01911% per month on the outstanding finance amount for Non-residents who are Nationals of India / Pakistan and at 0.0184% per month on the outstanding finance amount for all other Non-residents
  • Property Takaful is being offered at 0.042% per annum on property’s original value

I have an existing life Takaful policy. Do I still need to take a policy from the Bank?

If you are a resident, you are not required to purchase ADCB Islamic Banking life Takaful policy. Should you be having an existing life Takaful policy, it is mandatory to assign the policy to the Bank. For assignment of life Takaful policy, the Bank may charge an assignment fee.

If you are a Non-resident, you are required to purchase ADCB Islamic Banking life Takaful policy.

Do I have to transfer my salary to an account with ADCB to get ADCB Islamic Home Finance ?

No, it is not a mandatory requirement to transfer your income to ADCB Islamic Banking. However, the Bank may offer additional benefits to customers who are willing to transfer their income to ADCB Islamic Banking such as reduced profit rates, discounts etc.

What is the maximum tenure that ADCB Islamic Home Finance is available for ?

The maximum tenure for UAE residents (Nationals / Expatriates) is 25 years, while the maximum tenure of 15 years is applicable for Non-residents.

However please note, that at the time of maturity the maximum finance tenure should not cross 65 years of age if salaried resident, 70 years of age if self-employed resident and 60 years of age if non-resident.

Does ADCB Islamic Banking provide finance for properties throughout the UAE ?

ADCB Islamic Banking Home Finance can be applied for residential homes and apartments across Dubai and Abu Dhabi which are developed by our select list of developers. Also, finance is available for the construction of private residential properties.

What happens if I wish to conclude an early purchase of the property to enable me before the finance is paid off ?

In that case, through the sale proceeds ADCB Islamic Banking will settle the facility. However, an early discharge fee will be levied which is 1.05% of the settled amount or AED 10,500 whichever is lower. This is achieved in a sharia compliant manner by applying a discretionary rebate mechanism in accordance with the relevant Islamic documents or any other Sharia compliant settlement arrangement under the Ijara facility.

Is there a restriction on the number of properties that I can get financed from ADCB Islamic Banking?

There are certain restrictions on the number properties you can finance based on your current residency and property construction status. Please refer to the below table for guidance:

Sr

Type of Customer

Project Status

Number of Properties that can be financed

1

UAE Residents

Completed

No Limit

2

UAE Residents

Under Construction

1 Property

3

Non Residents

Completed

2 Properties

4

Non Residents

Under Construction

Not Applicable

Note: Definition of 1st Property, if the customer has no other Home Finance in the UAE, irrespective of the properties owned, the property to be financed can be defined as 1st property. Simultaneously, if the customer has a Home Finance on any property, then the property can be financed will be defined as 2nd property.

What documents do I need to apply for Home Finance?

Residents:

SR No Salaried Self-employed
1 Completed application form Completed application form
2 Proof of booked property (if any) 
Declaration of source of down-payment
Proof of booked property (if any)
Declaration of source of down-payment
3 Valid Passport, Visa & EIDA Card copy Valid Passport, Visa & EIDA Card copy
4 Last 6 months bank statements copy Last 6 months bank statements copy for both personal and company accounts
5 Salary Certificate, issued to ADCB and dated 30 days or less from date of finance application Last 2 years audited financial statements copy (For finance value greater than AED 2.5 Million)
6 Salary transfer letter (if transferring salary to ADCB) Valid Trade License copy (If applicable: Memorandum of Association/Articles of Association/Share Certificates)
7 Details of existing loans/finances/liabilities Details of existing loans/finances/liabilities

Non-Residents:

Nationalities Salaried Self-employed
  • GCC (Saudi Arabia, Kuwait, Qatar, Oman, Bahrain)
  • European Union (EU)
  • USA
  • Canada
  • Australia
  • New Zealand
  • Singapore
  • Hong Kong
  • UK
  • India
  • Pakistan
  • Valid copy of Passport
  • Latest Salary Certificate
  • Latest 6 months' bank statement
  • Tax returns for 2 years
  • Credit Bureau report from AECB preferred. Else – Credit Bureau Report from country of domicile. Email received by the customer from the Credit Bureau of country of domicile to be attached on best effort basis
  • Audited financials of last 2 years
  • Tax Returns for 2 years
  • Latest bank statements for 12 months
  • Credit Bureau Report of Self and Company
  • MOA and/ or AOA of Company
  • Shareholding Certificate (if applicable)
  • Valid Trade License
  • All other Nationalities
  • Valid copy of Passport
  • Latest Salary Certificate
  • Latest 12 months' bank statement
  • Tax Returns for 2 years attested by Ministry of Foreign Affairs (MOFA) of respective country of domicile and MOFA in UAE
  • Credit Bureau report from AECB preferred. Else – Credit Bureau Report from country of domicile. Email received by the customer from the Credit Bureau of country of domicile to be attached

Other Nationalities – Not Open for financing. However if any case is submitted, same will be reviewed on merits

Documentation in case of deviation:

  • Audited financials of last 2 years
  • Tax Returns for 2 years attested by MOFA of respective country of domicile and MOFA in UAE
  • Latest bank statements for 12 months
  • Credit Bureau Report of Self and Company
  • MOA and/ or AOA of Company
  • Shareholding Certificate (if applicable)
  • Valid Trade License