Ajman Bank Home Loan in UAE

Ajman Bank is the first Islamic financial institution set up in Ajman. Originally, it was established in 2007, although the bank officially started operating in 2009. At present, the institution has an extensive reach with several branches and ATMs across the country.

Ajman Bank strives to offer top-notch banking solutions to its customers, including Takaful, bank accounts, cards for effective money management, and even loans to finance their prime assets. Among its loan products, the bank provides individuals with property finance, auto finance, personal finance, and more.

In this article, we exclusively discuss the Ajman Bank home loan. We will help you gain significant information regarding the types of Ajman home loan products, their eligibility criteria, the application process, and much more!

What are the Different Types of Ajman Bank Home Loan Products?

Ajman Bank offers a wide range of mortgage finance products. Let's have a look at them along with their key features and benefits -

1- Ready Properties

Under this loan, salaried and self-employed individuals can finance their completed residential properties, including buildings, apartments, townhouses, villas, and compound villas.

Its primary benefits are -

• The maximum tenure offered to repay the loan amount is 25 years.
• The bank provides a maximum finance amount of up to AED 15 million.
• Under the 'Ready Properties', there are further two segments -
  • 1st Rank Mortgage
    • Financing of up to 75% for resident expatriates, 50% for non-residents, and 80% for UAE nationals
  • 2nd Rank Mortgage
    • Financing of up to 85% for UAE nationals
    • Get fast and quick loan application approvals.
    • Provides wide geographical coverage
    • Under this category, financing is available for both residents and non-residents.
    • Both freehold and non-freehold properties can be financed.
    • Get free life insurance for the entire finance term.
    • The finance option is available for properties that have an existing Title Deed and can be registered in the Lands Department.

2- Under Construction Properties

As the name suggests, individuals seeking to construct new properties can opt for this finance product. Finance is available for both self-construction and construction via a developer.

Here are the primary advantages of this loan -

• There are two categories of this product - 1st Rank Mortgage and 2nd Rank Mortgage.
• The bank allows its customers to pay off their loan amount for up to 25 years, which includes the construction tenure.
• Applicants can avail of a loan amount of up to AED 8 million.
• The loan is applicable for the widest geographical coverage.
• Get free life insurance for the entire term of finance.
• The finance option is exclusively available for UAE residents only.
• The bank ensures a quick and fast loan application approval (if eligible).
• The financing option is available for freehold and non-freehold properties.

3- Government Housing Program

The Federal and local government bodies in the Emirates offer housing assistance to the nationals. They have introduced certain housing programs, which are the Mohamed Bin Rashid Housing Establishment (MRHE), the Sheikh Zayed Housing Program (SZHP), the National Housing Loan (NHL), and more.

The key features and benefits of this government housing program are as follows -

• The financial institution allows individuals to finance 85% of their property value.
• Individuals have a flexible loan repayment tenure of 25 years.
• The bank offers a maximum finance amount of up to AED 5 million for SHZP and MRHE.
• Those looking to finance properties under NH can get a finance amount of up to AED 12 million.
• Ajman Bank has designed this loan product exclusively for UAE nationals.
• Both freehold and non-freehold properties are available for financing.
• Individuals get free life Takaful for the entire tenure of the loan.
• The loan is applicable for the widest geographical coverage.
• Loan seekers can expect fast and quick loan approvals.

4- Land Finance

In 2014, Ajman Bank introduced a Shariah-compliant financial product known as Land Finance. This offering caters to both UAE nationals and expatriates, allowing them to buy land for investment purposes, constructing properties, or personal or rental purposes.

Refer to the following points to know its features and benefits -

• Under this product, individuals can get a finance amount of up to AED 8 million.
• Ajman Bank offers a flexible tenure of up to 20 years to repay the loan amount.
• The product is available for both UAE nationals and UAE expatriates.
• For UAE nationals, the bank finances up to 65% of the property value for residential land and 60% for commercial land.
• For UAE expatriates, the bank finances up to 60% of the property value for residential land and 55% for commercial land.
• Individuals can finance both freehold and non-freehold properties.
• Individuals get free life Takaful for the entire tenure of the loan.
• The loan is applicable for the widest geographical coverage.
• Loan seekers can expect swift loan approvals.

5- MAP

MAP offers a unique mortgage financing solution that greatly enhances the affordability of owning a home. With minimal upfront investments, individuals can swiftly transition into their new, move-in-ready home while enjoying remarkably affordable monthly instalment payments.

The key benefits and features of the home loan product are mentioned below:

• Customers can finance up to 80% of their property value.
• The financial institution offers a finance amount of up to AED 10,000,000.
• Borrowers have a flexible loan amount repayment tenure of 25 years.
• The bank ensures fast loan processing with minimal documentation.
• Individuals get competitive profit rates along with low monthly instalments.
• This loan product involves low initial investment and low risk.
• Borrowers get ready to move into quality homes.

What are the Eligibility Criteria for Ajman Bank Mortgage Loan?

UAE residents, including nationals and expatriates seeking to finance their properties via Ajman Bank, must look into the eligibility criteria of the desired product before initiating the application process.

Have a look at the table below for the requirements of each mortgage loan product -

Ajman Bank Mortgage Loan Product	Eligibility Criteria
Ready Properties	A UAE national applicant must have a minimum monthly salary of AED 15,000 per month. A resident expatriate must have a monthly salary of at least AED 20,000 per month. A non-resident applicant must have a minimum salary of AED 40,000 per month.
Under Construction Properties	A UAE national applicant must have a monthly salary of AED 25,000 or more. A resident expatriate must have a minimum salary of AED 25,000 per month.
Government Housing Program	UAE nationals must have a minimum salary of AED 15,000 per month.
Land Finance	UAE national applicants must have a minimum salary of AED 30,000 per month. UAE expatriate applicants must have a minimum salary of AED 40,000 per month.

Note: To know the eligibility criteria for MAP loan products, you can get in touch with one of our representatives. The concerned official will guide you through and get you connected with the bank authorities.

What Documents are Required to Apply for Ajman Bank Home Loans?

Ajman Bank mandates borrowers to submit a few documents to successfully carry out the process of home loan application. Failing to submit any of the documents may result in the rejection of your application.

The checklist of each product is given below:

Ajman Bank Home Loan Product	Documents Required
Ready Properties	A valid passport A valid visa A valid Emirates ID A valid copy of Khulasat al Khaid A valid salary certificate (for salaried applicants) A valid copy of the trade licence (for self-employed applicants) Audited financial statements (For self-employed applicants) Past 6 months’ bank statements Necessary property papers Completed home loan application form
Under Construction Properties	A valid passport A valid visa A valid Emirates ID A valid copy of Khulasat al Khaid A valid salary certificate (for salaried applicants) A valid copy of the trade licence (for self-employed applicants) Audited financial statements (for self-employed applicants) Past 6 months’ bank statements Necessary property papers Completed home loan application form
Government Housing Program	A valid passport A valid visa A valid Emirates ID A valid copy of Khulasat al Khaid A valid salary certificate (for salaried applicants) Past 6 months’ bank statements Specified property papers Completed home loan application form
Land Finance	A valid passport A valid visa A valid Emirates ID A valid copy of Khulasat al Khaid A valid salary certificate (for salaried applicants) A valid copy of the trade licence (for self-employed applicants) Audited financial statements (for self-employed applicants) Past 6 months’ bank statements Necessary property papers Completed home loan application form

Note: To know the required documents for MAP loan products, get in touch with one of our representatives, who will then guide you through and get you connected with the bank authorities.

Ajman Bank Mortgage Loan - Interest Rates

Given below are the profit rates for ready and under-construction property loans:

Type of Ajman Bank Home Loan	Interest Rates
Ready Properties Home Loan	Fixed Rate: 1.98% per annum Reducing Rate: 3.59% per annum
Under Construction Properties Home Loan	Fixed Rate: NA Reducing Rate: 3.59% per annum

How to Apply for an Ajman Bank Home Loan in the UAE?

The application process for Ajman Bank mortgage loans is a swift and convenient one. You can use multiple channels to initiate your application.

For details, check out the set of instructions mentioned below:

Via Policybazaar UAE

• Visit our official website — policybazaar.ae.
• Under the ‘Banking Products’ drop-down menu, click ‘Home Loans’.
• Fill out the lead form on the next page and provide other required details.
• Locate Ajman Bank mortgage loan product on the quotes page and hit ‘Apply’.
• Your application will be submitted. One of our representatives will redirect your application to the bank officials. Further, the bank authorities will get in touch with you shortly.

Via Bank’s Official Website

• Open the official website of Ajman Bank.
• Navigate to the ‘Consumer Finance’ option under the consumer banking drop-down menu.
• Select the ‘Property Finance’ option.
• On the next page, click ‘Apply Now’.
• Accurately provide the necessary information accurately and submit it.
• Follow the prompted instructions to successfully complete the process.

Via Offline Means

To process the Ajman Bank home loan application in person, visit your nearest bank branch. One of the bank officials will be assigned to you to guide you throughout the process. Make sure to carry all the essential documents to avoid any later hassles.

Ajman Bank Mortgage Loan Calculator

A home loan calculator is an online tool that allows potential borrowers to obtain an estimation of their monthly instalments. This type of calculator is available for free for all individuals who seek a home loan. Most of the financial institutions in the UAE have designed their calculators, which are available on their respective websites.

A similar calculator is also available on our digital platform, that is, policybazaar.ae. Loan seekers who search for their desired home loan products on our website can easily assess their loan instalment amount.

Here’s how you can use this calculator -

• Open our official website and click on the ‘Banking Products’ drop-down.
• Select ‘Financial Calculators’.
• Once directed to the next page, choose ‘Home Loan Calculator’.
• Scroll to the bottom and locate the calculator.
• Enter the required details and get your result instantly.

Here are a few additional points regarding the home loan calculator for your reference:

• While online loan calculators provide accurate results, variations can still be observed due to differences in the actual interest rates of each borrower.
• You can easily regenerate the results by putting in different values. This way, you can figure out the estimated instalments of different products.

Ajman Bank Home Loan: Fees and Charges

Refer to the following table to know the fees and charges of all the mortgage loan products of Ajman Bank in the Emirates -

Types of Fees	Charges
Pre-Approval Fees	AED 3,000 for property finance and AED 5,000 for land finance to be funded upfront and will be adjusted in the processing fees
Processing Fee for Buyout Cases	Free
Processing Fee for all Cases Except for Buyout Cases	1% of the finance amount (for finance amounts of up to AED 5,000,000) 0.8% of the finance amount (for finance amounts between AED 5,000,001 and 10,000,000) 0.7% of the finance amount (for finance amounts greater than 10,000,000)
Land Registration & Mortgage Charges	To be paid as per the Land Dept./Municipality tariff or in case of MOU
Property Insurance	0.036% per annum
Life Insurance	At present, life Takaful is borne by the bank
Offer Letter Renewal Charges	AED 2,500 per request
Pre-Approval Renewal Charges	AED 1,000 per request
Change in Approval Terms	AED 1,000 per request
Evaluation Charges	As per the approved evaluator pricing, minimum AED 2,500
Physical Statement of Home Finance Account on Request (Per Month)	AED 25 per request
Clearance Letter Charges	AED 95 per request
Issuance of NOC	AED 150 per request
Liability Letter Charges	AED 85 per request
Cancellation of Pre/Final Approval by Customer (Charges are not applicable within the cooling-off period)	No refund of pre-approval fees
Partial Settlement Charges (Once every quarter)	1% of the partial amount settled up to a maximum of AED 10,000
Copy of Any Other Document	AED 100 per request
Property Swaps Administration Fee	AED 1,320 (valuation included)
Request for Other Letters Charges	AED 90 per request
Change in Instalment Recovery Dates	AED 100 per request
Early Settlement Charges for Buyout and Self	1% of the outstanding amount up to a maximum of AED 10,000

Ajman Bank Mortgage Loan: Terms and Conditions

Discussed below are some of the terms and conditions of the Ajman Bank mortgage loan in the UAE -

• The availability, eligibility criteria, and applicable terms for property finance are contingent upon the bank's approvals and compliance with relevant laws.
• All property finance options provided by the bank are subject to the bank's exclusive and full discretion. These products adhere to Sharia principles and have been approved by the bank’s internal Sharia Supervisory Committee (ISSC). The bank retains the authority to decline to provide any form of finance at any time without incurring any liability or penalty.
• The customer is obligated to provide the bank with all necessary forms, documents, and evidence pertaining to the finance, in a manner and format that meets the bank's satisfaction.
• The customer is responsible for providing any additional forms, documents, or other evidence concerning such modifications, as requested by the bank, in a manner and format that meets the bank's approval. These changes will only be considered effective once they are received and accepted by the bank.

Note: Refer to Ajman Bank’s official website for the entire guidelines of terms and conditions.

Why Choose Ajman Bank Home Loan?

Over the years, Ajman Bank has been one of the top choices among the UAE residents. It not only offers efficient finance solutions but ensures to guide its customers with utmost trust and loyalty. When it comes to choosing Ajman Bank mortgage loan, the bank aims to provide services that cater to the needs of all kinds of individuals.

On top of that, individuals can explore a multitude of home loan options, starting from ready-to-move-in properties and government housing program loans to under-construction properties.

The financial institution also ensures a smooth process in obtaining a home loan at attractive interest rates. Customers have multiple options to select their tenure of loan repayment as well.

Frequently Asked Questions