Under this product variant, the customer approaches the Bank and requests for financing in order to construct a house or villa. The customer would either opt for self-construction or construction through a developer in this case.
Ajman Bank provides under construction finance for the following 2 types of properties:
- 1st Rank Mortgage
- 2nd Rank Mortgage
The following customers are eligible for availing Under construction finance from Ajman Bank
- UAE Nationals (Salary starting from AED 25,000)
- Resident Expatriates (Salary starting from AED 25,000)
- Maximum Finance amount up to AED 8 million
- Maximum tenure up to 25 years (inclusive of Construction period)
- Finance to the value of up to 50%
- 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
- Fully 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)
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years: This is the original term or length of the product, stated in years.
Effective Monthly Payment: This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%): The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.