Under-Construction Properties

Bring your architectural vision to life with our flexible, Shariah-compliant construction finance. Whether you prefer self-construction or partnering with a professional developer, we provide the financial foundation you need to design and build your custom villa or house exactly the way you want it.

Features & Benefits

• Substantial Funding: Access high finance amounts of up to 8 Million to fuel your construction journey.
• Extended Tenure: Benefit from comfortable repayment options up to 25 years (inclusive of the construction period).
• Balanced Financing: Secure a competitive Finance-to-Value (FTV) ratio of up to 50%.
• Inclusive Property Options: Financing available across both Freehold and Non-Freehold properties.
• Available to Nationals & Residents: Tailored financial support dedicated to both UAE Nationals and Resident Expatriates.
• Wide Geographical Coverage: Build in your preferred location with our extensive reach across the Emirates.
• Fast-Track Approvals: Move from blueprint to breaking ground quickly with our streamlined, efficient approval process.

*Terms and conditions apply

The following types of construction finance are offered under Forward Ijarah:

Istisna Purchase

In this agreement, bank appoints the customer as its contractor to construct the property. The customer is responsible for the construction and progressive payments are released to the customer on submission of completion certificates. Post completion, bank will lease the property to the customer Ijarah payments.

The progressive payments are released to the customer and the evidence of the payment to the contractor needs to be submitted by the customer back to the bank. The customer is not allowed to make any alterations in the approved construction plan prior to the bank’s approval.

SPA

If customer is buying a property from the developer and the down payment is not yet made, bank will sign the SPA (Sales & Purchase Agreement) directly with the developer. Customer will make a down payment or pay the initial payments to the developer followed by the payments from the bank till property handover.

This SPA needs to be Shariah compliant and approved by Ajman Bank Legal dept/Shariah Dept.

Tripartite Agreement or Assignment Agreement

If a customer is purchasing an under construction property from the developer and has made the down payment (or any other payment related to property) to the developer, the customer will surrender his rights on the property by way of tripartite agreement. Bank will be the new owner in developer’s records and the progressive payments (after required down payment from the customer) will be made directly to the developer till property handover. The Tripartite agreement/assignment agreement needs to be approved by Ajman Bank Legal/Shariah dept.

The following are the transactions available under Under-Construction financing

Approved List of Developers/Projects

• Emaar Properties (Limited Projects)
• Aldar/Sorouh (Limited Projects)
• Manazel Real Estate (Limited Projects)
• Meydan Sobha
• Al Seeb Properties (Al Safeer Towers 1 & 2)
• Al Zorah - Golf Villas
• Charlestates - Jasmine Residential Complex
• Real Estate Investment Public Corporation - Flamingo Villas

* New projects for all developers need to be approved by Ajman Bank Management. Terms and conditions apply

Eligibility

The following customers are eligible for availing Under construction finance from Ajman Bank

• UAE Nationals (Salary starting from 12,000)
• Resident Expatriates (Salary starting from 15,000)

Documentation

• 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)

FAQs

Please click on the below link for frequently asked questions

• Property Finance FAQ