Dubai: Ajman Bank said it has been accredited by the Land Department in Dubai to offer home financing for properties in Dubai under the Tayseer programme.
The agreement was signed at the Land Department’s headquarters by Director General Sultan Butti Bin Mejrin and Ajman Bank deputy CEO Mohammad Amiri.
The Tayseer programme was introduced to accelerate the completion of high-quality residential projects in Dubai.
Ajman Bank will work in conjunction with select master developers registered with the Real Estate Regulatory Agency to provide home finance to end users for projects enrolled in Tayseer.
Ajman Bank will make home finance available to UAE Nationals and expatriate residents with a minimum monthly income of Dh10,000. Maximum finance amount would be Dh4 million with a repayment tenure of up to 20 years.
The loan-to-value ratio will be up to 80 per cent with finance features varying on the applicant’s employment category.
Bin Butti said in a statement: "This agreement is a further indication of the improving property market in Dubai. Tayseer will encourage investors, boosting the Dubai real estate sector."
Amiri added: "Ajman Bank is committed to offering solutions catering to the financial services needs of our target customers. Home financing is a core part of Ajman Bank's business and we are delighted to be Tayseer accredited. This agreement will have a positive impact on the UAE's overall economic climate by increasing liquidity and boosting the Dubai real estate sector."
