Ajman Bank enters into Tayseer Agreement with RERA to finance properties in Dubai
Ajman Bank enters into Tayseer Agreement with RERA to finance properties in Dubai
Ajman Bank announced today that it has been accredited by the Real Estate Regulatory Agency (RERA) to offer home financing for properties in Dubai under the Tayseer initiative. The agreement was signed at RERA’s headquarters by RERA Chief Executive Officer, Sultan Bin Butti, and the Deputy CEO of Ajman Bank, Mohamed Amiri.
The Land Department’s Tayseer initiative was introduced to accelerate the completion of high-quality residential projects in Dubai. Ajman Bank will work in conjunction with selected RERA-registered Master Developers to provide home finance to end users for the projects enrolled in the Tayseer initiative.
Under the agreement, Ajman Bank will make home finance available to UAE Nationals and expatriate residents with a minimum monthly income of AED 10,000. Maximum finance amount would be AED 4M with a repayment tenure of upto 20 years. Finance-to-value ratio will be up to 80 per cent.. Finance features vary on residency status as well as employment category of applicant, Commenting on the announcement, Amiri said: “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.”
Bin Butti said: “We are delighted to enroll Ajman Bank as part of the Tayseer initiative. This agreement is a further indication of the improving property market in Dubai. Tayseer will encourage the influx of new investors, boosting the Dubai real estate sector, while at the same time bringing much needed reassurance to banks.”
