Upon applying for a Home Financing Scheme at Dubai Islamic Bank, a representative of the Bank will visit the interested parties and help them fill out the Home Finance Application Form. The form will then be submitted for approval and upon its processing and subsequent approval; the bank will issue a letter to the interested parties stating the amount on offer as well as the terms and conditions serving the release of the funds. If these conditions are acceptable to the subject applicants, the amount due from the Bank’s side in lieu of the Musharaka agreement is deposited in the Musharaka Account and the applicants are registered as owners of their selected property at the local registrar’s office; so on and so forth.
The program offers a minimum financing amount of half a million rupees with a cap of fifty million rupees to the maximum stretch. Also, the processing time for applications is very low and the monthly installments required to be paid by the account holders are also low and easily affordable. The financing is offered up to seventy percent of the property value.
The rates of interest on the funds provided via this program fluctuate in direct proportion to the Karachi Interbank Offered Rates which are revised either six or twelve months from the date the contract was booked.
There are a number of payment options available for people who have to make their monthly installments. The first mode is to pay over the counter in any of the Dubai Islamic Bank branches via cheque or through cash.
The second option is to give out “direct-debit” instructions to the Bank in which case the requisite amount would automatically be transferred from the subject applicant’s accounts to the relevant Bank account for the installment payments.
The third mode of payment is for the subject applicants to utilize Dubai Islamic Bank Internet Banking Facility to electronically transfer the same amount from their bank accounts to the bank accounts designated for installment payments, online form their home PCs.
This form of financing would be an ideal opportunity for people who are interested in acquiring for their convenience and ease, a personal home or a renovated home for themselves. Since this program offers ease of payment by making the monthly installments low, the program is an ideal opportunity to be utilized by relatively lower income groups. Alternatively, groups with a sizable monthly expenditure forming the chunk of their monthly incomes would also benefit greatly from such terms and conditions of Dubai Islamic Bank Home Finance.