AMLAK - Home of Finance:

As the institution that pioneered home finance in the region, AMLAK brings its wealth of experience to you in the form of simple, transparent Islamic financing schemes.

Getting started:

• World of freedom
• Freedom from constraints of tenancy agreement
• Freedom from over leasing landlords
• Freedom to own
• To live and enjoy
• The procedures are simple, convenient, and transparent.

Application :

Pre-approval. Get pre-approval from AMLAK! You can certainly feel the advantages of this when you are free to begin your search for your new home. Real Estate agents will feel completely reassured dealing with you.

The required documents, for all customers :

• Completed application form
• Original passport or certified copy
• Cheque for processing fee.

For salaried customers:
(confirmed employment for at least 3 years)

• Letter from employer addressed to AMLAK stating length of ...
• 6 months' bank statements of your salary account
• Liability letter from bank (any other outstanding finance i.e.car/personal loans)

For self-employed customers:
(business should have been operating for at least 3 years)

• 6 months' company and personal bank statements
• Copy of Trade License
• Copy of Chamber of Commerce Registration
• Copy of Memorandum of Articles and Association (MOA)
• 3 years' audited accounts
• Facility letter from your bank.

Non-resident applicants:
(business should have been operating for at least 3 years)

• In addition to the above documents, tax returns for the last
  3 years are required.

Finance amount:

• Up to a maximum of 90% for all listed developments with AMLAK

Tenor of Finance:

• UAE Nationals: maximum 25 years
• Residents: maximum 20 years
• Non-residents: maximum 15 years

Note:
Minimum age is 21 years. If you are self-employed, the financing facility must be settled before the age of 65. If you are a salaried employee, it must be settled before the age of 60.

Application:

After pre-approval scheme you need to give the property details, bring in the sales agreement and receipts of payments made to the developer or seller.

Approval:

Your application has been approved! Just before you collect the keys to your new home, you'll need to fulfill some simple formalities: to sign an offer along with some final agreements.

If you are purchasing a home on a primary market, the payment will be made directly to the developer once all paperwork has been finalized. If you are buying from the secondary market, you are all set to go ahead with the transfer
(meeting with the seller).

Disbursement:

As soon as all the paperwork is collected, AMLAK bank will be in a position to make the payment, full or partial. Before making the full payment, the standing order instructions must be set up. They must be stamped and signed by the banker and the original returned to AMLAK.

The payment will be made within 2 days:

The developers usually do not inform of the hand-over dates or delays.