Individual (Salaried or Self Employed) who are interested in buying completed residential properties in the form of Apartments, Villas, Townhouses, compound villas, buildings, etc.
Ajman Bank provides finance for the following 2 types of Ready properties:
- 1st Rank Mortgage
- 2nd Rank Mortgage
Features & Benefits*:
- Maximum Finance amount up to AED 15 Million.
- Maximum tenure up to 25 years.
- Finance to value of up to:
1st Rank Mortgage:
Up to 80% for UAE Nationals, 75% for Resident Expatriates and 50% for Non Residents
2nd Rank Mortgage:
Up to 85% for UAE Nationals
- Finance for property having existing Title Deed and which can be registered in Lands Department
- Free Like Takaful ( Insurance) for complete term of the finance.
- Financing available for Freehold & Non Freehold properties
- Financing available for Residents & Non Residents
- Widest geographical coverage.
- Quick and Fast Approvals.
*Terms and conditions apply
Property Classification Definition:-
- Freehold Properties
The properties which are given or sold by the developers/sellers and give buyer (i.e. UAE Nationals and Expatriates) the rights to own are termed as free hold properties. Freehold properties are built on specific locations as approved by the government authorities.
- Non – Freehold Properties
Non free hold properties pertain to areas where UAE Nationals & GCC Nationals can buy properties. The title deeds / mortgage deeds are issued by respective municipality and hence are eligible for finance.
The following are the transactions available under Ready Properties:
|New Purchase||Means to buy a property directly from the developer|
|Resale||Means to buy a property from secondary market|
|Buyout||Standalone Buyout: – means customer will transfer his existing financefrom another bank to Ajman Bank.Buyout & Equity Release: – means customer can transfer his existingfinance from another bank and apart from that can avail extra cashagainst the equity in his property.Resale Buyout: – means a transaction of buying a property in thesecondary market between buyer and seller and Ajman Bank willbuyout the finance of the seller from another bank of FI.|
The following customers are eligible for availing Ready Property financing from Ajman Bank
- UAE Nationals (Salary starting from AED 15,000 per month).
- Resident Expatriates (Salary starting from AED 20,000 per month).
- Non-Residents (Salary starting from AED 40,000 per month).
Documentation for Approval:
- Duly completed and signed application form
- Valid passport/Khulasat al Khaid Copy/Valid visa/UAE National ID
- 6 months Bank statement
- Salary Certificate
- Copy of Trade License (Self-employed)
- Audited financial statements (Self-employed)
- Relevant property papers (Not required for Pre-approval)