UAE Mortgage

Ajman Bank mortgage: full guide


Kata Hahn


30 January 2023


A guide to Ajman Bank mortgage offers, including their terms/conditions, typical financing offers, and application process with required documents.

Overview of terms and conditions

Ajman Bank was established in 2007 and was the first Islamic bank to be incorporated in Ajman, the fifth largest UAE city and one of the Emirates located along the coast just 10 km north of Dubai. The Emirate of Ajman has seen the highest growth rate in terms of economic development in the past few years. Ajman Bank is 25% owned by the Emirate, offers Shariah-compliant products, and is focused on Emiratisation (employing UAE citizens). Their goal is to be one of the preferred financial service brands in the UAE and the entire region. 

Ajman Bank offers the following financing options:
  • Ready property
  • Under-construction property  
  • Government housing programs
  • Land finance 
  • MAP

For each option, let’s look at which types of properties can be financed, which customers are eligible, and the financing restrictions/terms. For all types, the property that is being financed must be on Ajman’s approved list of developers/projects.
Ready property Under-construction property Government housing program Land finance MAP
Eligible properties Apartments, villas, townhouses, compound villas, buildings, etc. Freehold and non-freehold. House or villa. Self-construction or construction by a developer.Freehold and non-freehold. Including (but not limited to): National Housing Loan (NHL), Sheikh Zayed Housing Program (SZHP), and Mohammed Bin Rashid Housing Establishment (MBRHE). Freehold and non-freehold. Properties for the purpose of investment or construction for owner occupation/rental. Freehold and non-freehold. Ready to move in properties in developed communities, luxury homes included.
Eligible customers Residents and non-residents, salaried and self-employed Residents only UAE nationals only Residents only
Minimum salary UAE nationals: AED 15,000
Residents: AED 20,000
Non-residents: AED 40,000
AED 25,000 AED 15,000 UAE nationals: AED 30,000
Residents: AED 40,000
Maximum finance amount AED 15 million AED 8 million AED 12 million for NHL
AED 5 million for SHZP and MBRHE
AED 8 million AED 10 million
Maximum tenure 25 years 25 years including construction period 25 years 20 years 25 years
Finance amount (up to) UAE nationals: 85%
Residents: 75%
Non-residents: 50%
50% 85% UAE nationals: 65% for residential land, 60% for commercial land.
Residents: 60% for residential land, 55% for commercial land.
Additional information Construction finance is offered under Forward Ijarah with Istisna Purchase. To make homeownership more affordable. Initial low investments and low monthly installments.

Ajman Bank also offers equity release financing. 

The following are the general terms and conditions that apply to all mortgage applicants:
  • Islamic loans only
  • Finance for residents and non-residents, salaried or self-employed 
  • Salary transfer is mandatory for UAE nationals 
  • Bank processing fee: maximum cap of AED 100,000
  • 1% of amount for finance up to AED 5 million 
  • 0.8% of amount for finance AED 5-10 million 
  • 0.7% of amount for finance greater than AED 10 million 
  • No processing fee for buyout cases 
  • AED 3,150 for property finance
  • AED 5,250 for land finance 
  • Bank valuation fee: AED 3,150 
  • Service fee: AED 5,250 
  • No additional bank arrangement fee
  • Partial settlement terms: 1.05% penalty on all prepayments, capped at AED 10,500 (including VAT)
  • Bank transfer fee - 1.05% penalty on the exceeding amount, capped at AED 10,500 (including VAT)
  • Free Life Takaful (Islamic life insurance)*
  • Mandatory building insurance: 0.036% of the property value per annum
*Substandard health declaration will come with an additional or incremental premium (loaded to the minimum rates as well as the margin above). 

Now, we can explore Ajman Bank’s real estate financing offers for borrowers that are employed, self-employed, and non-residents, as well as their commercial financing options. The rates given in Ajman Bank’s offers below were updated on September 15th, 2022. The 1-month and 3-month EIBOR rates are taken from the UAE Central Bank website and are current as of January 27th, 2023. EIBOR rates are updated on a daily basis and change with the market conditions.

Mortgages for employed borrowers

Depending on your salary, whether or not you transfer your salary to Ajman bank, and your client status, you may be subject to different rates. Ajman bank has favorable options for UAE nationals, with 5-year fixed rates and reversion rates based on the 1-month EIBOR. 

Fixed-rate offers: 
  • Elite client with salary transfer 
  • 3.00% fixed for 1 year
  • Reversion rate: a margin of 2.15% + 4.769% (3-month EIBOR) = 6.919%
  • Minimum floor rate 3.00%
  • Elite client without salary transfer
  • 3.09% fixed for 1 year
  • Reversion rate: a margin of 2.25% + 4.769% (3-month EIBOR) = 7.019%
  • Minimum floor rate 3.09%
  • Salary more than AED 40,000
  • 3.59% fixed for 1 year
  • Reversion rate: a margin of 2.75% + 4.769% (3-month EIBOR) = 7.519% 
  • Minimum Floor rate 3.59%
  • Salary less than AED 40,000 
  • 3.79% fixed for 1 year
  • Reversion rate: a margin of 2.75% + 4.769% (3-month EIBOR) = 7.519% 
  • Minimum floor rate 3.79%
  • UAE National Elite
  • 3.7% fixed for 5 years
  • Reversion rate: a margin of 1.75% + 4.665% (1-month EIBOR) = 6.415% 
  • Minimum floor rate 3.7%
  • UAE National non-Elite 
  • 3.8% fixed for 5 years
  • Reversion rate: a margin of 2% + 4.665% (1-month EIBOR) = 6.665%
  • Minimum floor rate 3.8%

Mortgages for self-employed borrowers

Self-employed borrowers can access the same fixed-rate offers as outlined above for salaried borrowers. Learn more about what to expect when getting a mortgage as a self-employed borrower in the UAE

Conditions/terms/fees for self-employed borrowers: 
  • Bank arrangement fee: AED 3,150 
  • Business financials required 

Mortgages for non-resident borrowers

As shown in the first table, non-residents are eligible to get financing from Ajman Bank for ready properties. They may be able to finance apartments, villas, townhouses, compound villas, buildings, and other properties in freehold areas up to a value of AED 15 million. Non-resident borrowers may be required to pay a higher service fee and an additional bank arrangement fee. 

Conditions/terms/fees for non-employed borrowers: ‍
  • Minimum salary: AED 40,000
  • Minimum down payment of 50%

Commercial mortgages

Ajman bank offers financing for commercial properties in addition to residential properties. They can help customers find a workspace/office for their company or purchase land on which they can construct a commercial property. 

The general terms/conditions for commercial financing include: 
  • Financing up to AED 10 million 
  • Repayment period up to 5 years 
  • Eligibility
  • Individuals owning multi-unit properties
  • Minimum length of business of 2 years
  • Minimum 2 years of involvement of managing partner in business
  • Nil cheque return in the last 6 months
  • Security/Collateral Requirement
  • Personal Guarantee
  • Undated Security Cheque
  • Mortgage of property
  • Assignment of rental income 

Application process

The first page of the Ajman Bank home finance application is below. It can be beneficial to get a loan through a mortgage broker since they can help you find the best rates, fill out the application completely, and answer any other questions you may have. 
First page of Ajman Bank's home financing application.

Applicants will also need to submit personal, income, and property documents so that Ajman bank can approve them for financing. Ajman Bank may also require additional documentation from applicants as deemed necessary.
Required documents for Ajman bank mortgage application
Ready property, under construction property, and land financing: Government program:
Duly completed and signed application form Duly completed and signed application form
Valid passport/Khulasat al Qaid Copy/Valid visa/UAE National ID Valid passport/Khulasat al Qaid Copy/UAE National ID
6 months bank statement 6 months bank statement
Salary Certificate Salary Certificate
Copy of Trade License (self-employed) Relevant property papers (not required for pre-approval)
Audited financial statements (self-employed)
Relevant property papers (not required for pre-approval)

To sum up

Ajman Bank has plenty of Islamic financing options to help customers reach their goal of property ownership in the UAE. Since a property purchase is a large transaction, it’s important to make sure that you explore many different financing options to find the right option for you (given your residency, employment, and overall financial situation). Using a mortgage broker like Kredium can take some of the pressure and work off of you. Our mortgage experts provide you with personalized offers from the top banks in the UAE so that you can easily compare the terms and conditions without individually going to each bank yourself. We work for you, helping you become informed with our UAE mortgage and real estate blogs and looking out for your best interest. 

We also work with the top developers in the UAE to offer customers thousands of unique Dubai properties for sale. You can search for your dream property on our website and then use our mortgage calculator when you’re ready to start figuring out your budget. Contact our professionals or complete our easy 5-10 minute registration to get in touch today. 


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Ajman Bank mortgage application documents