Ajman Bank launched Land Finance in 2014 as a unique and innovative Shariah compliant offering for both UAE Nationals and Expatriates to purchase land for purpose of investment or construction for owner occupation / rental. This product is being catered by limited banks however under the Personal Finance product and thus Ajman Bank has focused on positioning this product on quality and innovation to differentiate its product from the competitors.
Ajman Bank provides Land Finance only for 1st Rank Properties only.
Features & Benefits*
- Maximum Finance amount up to AED 8 million
- Maximum tenure up to 20 years
- Finance to value of up to:
- UAE Nationals:
- 65% Finance to value in case of Residential Land
- 60% Finance to value in case of Commercial Land
- UAE Residents - Expats:
- 60% Finance to value in case of Residential Land
- 55% Finance to value in case of Commercial Land
- UAE Nationals:
- Free Like Takaful (Insurance) for complete term of the finance
- Financing available for Freehold & Non Freehold properties
- Financing available for Residents only
- Widest geographical coverage
- Quick and Fast Approvals
*Terms and conditions apply
The following are the transactions available under this:
|
Type of Transaction |
Description / Interpretation |
|
New Purchase |
Means to buy a land directly from the seller/ developer |
|
Resale |
means a transaction of buying a land in the secondary market between buyers and seller
|
|
Buyout
|
a) Standalone Buyout: - means customer will transfer his existing finance from another bank to Ajman Bank. b) Buyout & Equity Release: - means customer can transfer his existing finance from another bank and apart from that can avail extra cash against the equity in his land. c) Resale Buyout: - means a transaction of buying a land in the secondary market between buyer and seller and Ajman Bank will buyout the finance of the seller from another bank of FI. |
Eligibility
The following customers are eligible for availing Land Finance from Ajman Bank
- UAE Nationals (Salary starting from AED 30,000)
- Resident Expatriates (Salary starting from AED 40,000)
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
