Ajman Bank IJARAH Home Finance

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  • Flexible repayment periods up to 25 years
  • Processing fees as low as 1%
  • Profit rates starting at 2.75% per year

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Among the first Islamic banks in the city to offer Islamic financial services, Ajman bank has been renowned since its inception for providing top-notch Islamic banking services to individuals, corporate, and government bodies. Such services are available for financing your home as well, with this value-based bank offering affordable home finance solutions. With Ajman Home Loan plans, purchasing a house in the UAE becomes easy and economical. Depending on your needs, the bank offers different types of IJARAH Home financing. 

To know more about the available Ajman Mortgage Loan plans, the related features, and the eligibility criteria, read below to find more information on Ajman Bank IJARAH Home Finance.

Ajman Bank IJARAH Home Finance

  • Minimum Salary AED 20,000
  • Flat Rate 2.22%
  • Reducing Rate 3.99%
  • Down Payment 20%
  • No Salary Transfer
  • Islamic Finance

Ajman Bank IJARAH Home Finance Types

Ajman Bank IJARAH Home Finance is a specially designed home finance solution under the bank's consumer banking division. This type of home loan in UAE is available in the following types:

  1. Ready Property - Individuals interested in buying already-constructed properties in the UAE can take advantage of this Ajman home loan. Both salaried and self-employed individuals can are eligible for this home loan.
  2. Under Construction Properties - Individuals who plan to construct a house and need financial assistance from a bank can go for this type of mortgage loan in UAE. Applicants can get up to 50 % of the house value in the form of financing from the bank.
  3. Government Housing Program - For individuals searching for a mortgage loan in UAE, both the national and the local governments offer financial assistance to UAE nationals under various housing loan programs. With this type of loan, up to 85% of the house’s value can be financed.
  4. Land Finance - Ajman home loan provides financial aid to help individuals purchase land whether for a long-term investment or for building houses in the country. This type of home loan in UAE is available for both nationals and ex-pats.
  5. MAP - MAP is a remarkable mortgage loan in UAE, ensuring easy and affordable access to houses in developed localities. You can simply pay the initial amount, then pay the rest in instalments while you live in the house.

Features and Benefits of Ajman Bank IJARAH Home Finance

Knowing about the features of the Ajman home loan will prove beneficial when you make comparisons to ultimately make a well-informed decision. Take a look at the following benefits that you can avail of - 

  1. Quick and Fast Approval - Ajman mortgage loan application procedure is fast and straightforward, as you have to submit only a few documents to get quick approval.
  2. Broad Geographic Coverage - When you buy a property or land everywhere in the UAE, an Ajman mortgage loan can help you with financing irrespective of the location. Thus, whether you go for the countryside or wish to buy a property in the bustling cities like Dubai and Abu Dhabi, you will be able to accomplish your property goals at affordable profit rates with an Ajman home loan.
  3. Long Maximum Tenure - A crucial aspect searched for by individuals looking for a home loan in UAE is the ease of repayment, which is enhanced with a longer tenure. For such seekers, the Ajman mortgage loan makes for an excellent choice as they can choose the maximum tenure period (of up to 25 years in several cases) to repay the loan in the small portions without worrying about the financial strain.
  4. Competitive Profit Rates - With Ajman Mortgage loan being Shariah-compliant, it is ensured that the profit rates are affordable to prevent borrowers from the burden of the loan. Owing to the low-profit rates for home loans in UAE, individuals can spend less on Ajman home loan repayments and utilise their funds on other expenses.

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Documents Required for Applying to the Ajman Bank IJARAH Home Finance

Keeping the following documents handy will help smoothen the application process for the following types of Ajman Bank IJARAH Home Finance plans in the UAE: 

  1. Valid passport and visa (Ex-pats)/ Emirates ID (UAE National
  2. Past 6-month bank statements
  3. Salary Certificate (Salaried person)/ Trade Copy License and financial audit of the company (Self-Employed)
  4. Applicable property papers

Eligibility Requirements for Ajman Bank IJARAH Home Finances

While Ajman mortgage loan plans are attractive due to the various factors mentioned previously, an individual has to fulfil the eligibility criteria to avail of those benefits. Given below are the major eligibility criteria for Ajman home finances: 

  • Age -  For Applying to Ajman Bank IJARAH Home Finance, Customer's age must be between 21 Years - 70 Years on loan maturity
  • Salary -  For Applying to Ajman Bank IJARAH Home Finance, Customer's salary must be between  AED 15,000 - AED 100,00

How to Apply for Ajman Home Finance in UAE?

You can apply for the Ajman Bank Ijarah Home Finance by visiting their website or using their mobile application. Ajman Bank has a 24/7 customer care service. You can contact them anytime or visit their branch to learn more about their home finance solutions. 

If you want an even shorter process for contrasting the best home loans in UAE and buying one, you can use Policybazaar UAE where you can discover the best financial services in the UAE online. Let’s check out see how you can use it to find the best home finance for your dream home.

  1. Go to policybazaar.ae. 
  2. Under the home loans section, fill in a short form with your details like name, phone number, and email address.
  3. By submitting the above information, you would be led to a page having a plethora of home loans and mortgages from the leading banks in the UAE.
  4. While you might be spoilt for choices, you should carefully analyse and compare each loan's benefits before making a decision.
  5. After you've decided on a loan quote, you can apply for a loan by clicking the "Apply Now" button. 
  6. You might be asked to fill out an application form and submit it with particular documents.
  7. A representative from our website will contact you soon to assist you further.

Top Reasons to Choose Ajman Home Finance

Ajman Bank is renowned in the Islamic Banking domain in Ajman and throughout the UAE. Furthermore, it offers a variety of home loan products tailored to the needs of each customer. The variety of home finance is among the most notable points for why one can go with Ajman bank when buying a house and looking for a home loan in UAE. The other benefits that add to its excellent features are long loan periods, high loan-to-value financing, decent profit rates, etc. 

The bank provides additional takaful (insurance) to protect your property during the mortgage loan term. With such features and provisions, Ajman Bank ensures that users get reasonable financial solutions along with adequate financial protection. You can always contact their round-the-clock customer assistance if you wish to learn more about Ajman Bank services.

FAQs

Do I need to have an existing Ajman Bank account to apply for a mortgage?

Not, Ajman Bank offers mortgage services to all eligible individuals.

What is the profit rate at Ajman Home Finances?

With Ajman Bank, completed properties are subject to a variable rate of profit on a reduction of balance basis. In contrast, construction properties are subject to a fixed rate. Ultimately, as the profit rate depends on the plan as well as the applicant’s financial conditions and more, you should connect with the bank to verify the specific profit rate provided to you.

What are Under-Construction properties?

As the name suggests, under-construction properties are buildings/houses that are in the construction phase, meaning that their owners cannot move in there yet. You can opt for a loan for properties still under construction with Ajman bank.

How can I get an easy disbursal of a mortgage loan in the UAE?

Besides maintaining a stable job for a prolonged period, you should ensure that you have a good Credit Score and fulfil all your financial obligations on time. These factors demonstrate your reliability regarding loans to the banks, which simplifies the process for you.

Can I get a full loan amount for buying a house?

No. Owing to legal and financial restrictions, you can only opt for a maximum of 85% of the property value in terms of financing.

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