Tamweel, one of the largest mortgage
companies in the UAE, Tamweel offers a wide variety of products
that include financing properties under construction as well
as completed homes.
Tamweel brings together the legacy of two great organizations
– Dubai Islamic Bank and Istithmar. Established in March
2004, Tamweel provides a whole range of Sharia-compliant products
backed by unparalleled customer service and innovative home
finance solutions.
The company has financed property worth over Dirham 7 billion.
Moreover, Tamweel has recently moved, in July 2006, to a PJSC
structure with overwhelming demand subscriptions exceeding
the required amount by 485 times. Tamweel has over 235 partners
and focused on becoming the leader in home financing regionally.
Tamweel currently has branches in Dubai, Sharjah and Abu Dhabi
Tamweel offers Sharia'a compliant products with flexible and
fixed profit rates. Products offered by Tamweel are:
Home Builder (For homes under construction)
Home Owner (Ready property on deferred payment terms)
Flexi Rent to Own (Installments on flexible profit
basis)
Flexi Lease to Own (Installments on fixed profit basis)
Eligibility
Tamweel Home Finance is available for
UAE residents and non-residents, salaried and self-employed.
Eligibility details are as follows:
Minimum age is 21 years
Maximum age is 60 years upon maturity of financing
Self-employed: operating a successful business for
last 2 years
Tamweel Vision
To become the most admired leader in the financial industry
regionally.
Tamweel Mission
To maximize Shareholder value and become the first choice
mortgage provider through:
Securing home base
Product and service differentiation
Regional expansion
Tamweel FAQ
Are Tamweel's home finance products
Sharia'a compliant?
Yes. All Tamweel products are Sharia'a compliant and have
been designed on the basis of Islamic financing concepts.
What happens if I sell the property
before the financing is paid off?
You would need to make an immediate repayment of the outstanding
principal amount and the actual prepayment costs only.
How much financing can I afford?
Your total monthly outflows or payments (including the home
financing repayments) should not exceed 55 percent of your
total monthly income. Our Finance Calculator will help you
work out approximately how much your monthly home finance
repayment would work out to.
How much Financing am I eligible
for?
Tamweel finances up to a maximum of 80% of the value of the
property. This, however, varies from one product to another
and from property to property.
What type of properties do you finance?
They provide home financing for properties from their approved
list of builders. The financing is available for home construction
and for the purchase of existing / ready property.
How long can the term of financing
be?
They can provide financing for up to 15 years (for fixed rate
financing) and up to 25 years (for flexible rate financing).
Can I repay my financing early?
Yes, you may repay your financing early. The Mortgage Advisors
are available to advise you on how to minimize your prepayment
costs. As this is a Sharia'a compliant offer, you do not have
to pay penal charges for prepayment - only a charge based
on the actual prepayment cost will be payable by you.
Can I pay off part of the financing
or make extra payments each month?
Yes, you may make lump sum or extra payments. Your Mortgage
Advisor can guide you regarding your payment schedule.
Do I need insurance, and if so, what
kind ?
Yes, at Tamweel, they require "Property Takaful",
as well as "Family Protection Plan". As part of
our service, they have an alliance with Aman Insurance to
provide Sharia'a compliant Family Protection Plan at very
competitive rates for all their customers.
What happens if I have to move out
of the country during the financing period?
You may continue to repay the installments for the finance
by providing them with fresh repayment instructions, or you
may prepay the finance arrangement before selling off the
property.
How do you enlist a builder onto
your approved list?
Builders are enlisted by Tamweel based on a number of factors.
Their financial strength, their professional project management
capabilities, demands for their properties, and many other
salient factors.
Tamweel Intrest Rate
Rates
Resident
of UAE salaried
Resident
of UAE Self Employed
Overseas
Salaried
Floating Rates
6.9
7
7.4
Fixed Rates 5 Years
7.95
7.95
8.45
10 years
8.95
8.95
9.45
15 years
9.95
9.95
10.45
Copy
Right 2007 All Rights Reserved
Real Choice Real Estate
Web: www.dubaifirsthome.com
Site designed and developed by
Real Choice Real Estate
