Ajman soon to see its first bank being set up To be the eighth Islamic bank in the UAE..for this article visit: http://www.zawya.com/story.cfm/sidZAWYA20071203091841/lok091800071203
What would the impact of Ajman setting up bank. I think the main purpose would be to enable financing properties of Ajman.
They would immediately start financing ready properties like Al Rashidya Towers and Al Khor Towers. On completion, properties of premium devlopers like Goldcrest and Paradise Lakes would also be financed. As everybody knows, properties where bank finance is available always command a premium as they are sold easily. Buyers would benefit if they pruchase properties from only reputed developers in Ajman.
Yes, You are right and i don't ned to use finance.
But:
1. I want to know the reasons. Is the reason is just low insatllments? We have in dubai cheap units too.
2. How about one who want to buy more than one unit or wnat to buy a 3 BR unit?
Mortgage is new to the UAE. The first mortgages were provided by Amlak which is a sister company to Emaar to those buying from Emaar, then other banks came in to either giving mortgage to people buying into projects developed by big players like Emaar or Nakheel as they have enough confidence and security that the amounts they are financing they will recapture by taking over ownership of those units. In other cases, the developer will put securities to those banks for them to provide financing to its customers. Only developers who have lots of assets in UAE can do this. This is not generally the case with the vast majority of developers. This is why very few projects are anounced where developers had bank agreements to finance customers. None of the developers in EC had a bank agreement including R Holding, this is why for them to be able to sell they used the easiest option which is to take the risk of financing themselves. This also good news to them. They can get from the bank loans to pay for the construction based on sales contracts that they have made especially if PDC cheques are attached t these sale contracts.
I hope I am not confusing anyone but put it simply, if the bank finances the purchase of the units, what happens to the bank if the unit will not be constructed and the unit owner stops paying the bank?
Guys,
Its easy to say 'why you need bank finance when developers are giving interest free payment plan'! Ease is at the time of buying property in EC. Wonder you have paid 150000 on the property and you need premium of further 50000 at the time of selling your property. In this case, buyer will have to pay you 200000 and the balance he will pay to developer as interest free instalments. It is at this time that bank finance is required. Who has got 200000 to pay you at one stroke!!!! I am facing the problem now while i am planning to sell your property. Unless banks come forward to finance Ajman properties, these units will never be liquid and easy to sell. One should buy a property which should be easy to sell and not easy to buy. Learning a lesson from this, I have paid a premium while buying Dubai property which is financed by over 8 banks! Correct me if my view is wrong.
New Investor
It seems that investing in Ajman projects like EC in only reasonable for those who are sure that they can hold the property till the end of construction because only then banks are ready to finance.
Hi Parham,
YOu said banks are ready to finance Ajman property. Can you tell me which bank finances ready properties in Ajman like Rashidiya tower, Al Nayeemiya tower etc?
Actually if we analyse the prices, we will reach to the conclusion that it is not interest free. The total price for 3 years payment plan is less then the total price for 5 or 6 years payment plan.
We ourself are the financer.
I will always better for the small individula buyer/ investor to get it financed by Bank. We can get the property ASAP, but can repay the money to Bank in a longer duration.
If shorter plans of payment cost less... for people who have opted for five or six years plan which extends beyond the completion date, will they get a discount if they choose to pay up at the time of completion/occupation??
That way maybe if you pay up you could be entitled to the Residence Visa, right away. Otherwise does one become entitled to visa only when the entire amount is paid.....i.e., at the end of the payment plan??
Dear fellow brothers and sisters,
Is there any update regard finance options for properties in EC?
If anyone has information please share it with us,
Regards,
hi why would you need a bank
hi
why would you need a bank the developer is doing the banks job and even better. low installemts long or short payment plan.
Bank finance for Ajman property
Ajman soon to see its first bank being set up To be the eighth Islamic bank in the UAE..for this article visit:
http://www.zawya.com/story.cfm/sidZAWYA20071203091841/lok091800071203
What would the impact of Ajman setting up bank. I think the main purpose would be to enable financing properties of Ajman.
They would immediately start financing ready properties like Al Rashidya Towers and Al Khor Towers. On completion, properties of premium devlopers like Goldcrest and Paradise Lakes would also be financed. As everybody knows, properties where bank finance is available always command a premium as they are sold easily. Buyers would benefit if they pruchase properties from only reputed developers in Ajman.
Yes, You are right and i
Yes, You are right and i don't ned to use finance.
But:
1. I want to know the reasons. Is the reason is just low insatllments? We have in dubai cheap units too.
2. How about one who want to buy more than one unit or wnat to buy a 3 BR unit?
Why Banks do not finance EC units?
Mortgage is new to the UAE. The first mortgages were provided by Amlak which is a sister company to Emaar to those buying from Emaar, then other banks came in to either giving mortgage to people buying into projects developed by big players like Emaar or Nakheel as they have enough confidence and security that the amounts they are financing they will recapture by taking over ownership of those units. In other cases, the developer will put securities to those banks for them to provide financing to its customers. Only developers who have lots of assets in UAE can do this. This is not generally the case with the vast majority of developers. This is why very few projects are anounced where developers had bank agreements to finance customers. None of the developers in EC had a bank agreement including R Holding, this is why for them to be able to sell they used the easiest option which is to take the risk of financing themselves. This also good news to them. They can get from the bank loans to pay for the construction based on sales contracts that they have made especially if PDC cheques are attached t these sale contracts.
I hope I am not confusing anyone but put it simply, if the bank finances the purchase of the units, what happens to the bank if the unit will not be constructed and the unit owner stops paying the bank?
bank finance
Guys,
Its easy to say 'why you need bank finance when developers are giving interest free payment plan'! Ease is at the time of buying property in EC. Wonder you have paid 150000 on the property and you need premium of further 50000 at the time of selling your property. In this case, buyer will have to pay you 200000 and the balance he will pay to developer as interest free instalments. It is at this time that bank finance is required. Who has got 200000 to pay you at one stroke!!!! I am facing the problem now while i am planning to sell your property. Unless banks come forward to finance Ajman properties, these units will never be liquid and easy to sell. One should buy a property which should be easy to sell and not easy to buy. Learning a lesson from this, I have paid a premium while buying Dubai property which is financed by over 8 banks! Correct me if my view is wrong.
New Investor
Holding the property till the end of construction
It seems that investing in Ajman projects like EC in only reasonable for those who are sure that they can hold the property till the end of construction because only then banks are ready to finance.
Finance
Hi Parham,
YOu said banks are ready to finance Ajman property. Can you tell me which bank finances ready properties in Ajman like Rashidiya tower, Al Nayeemiya tower etc?
Interset Free Payment Plan ?
Actually if we analyse the prices, we will reach to the conclusion that it is not interest free. The total price for 3 years payment plan is less then the total price for 5 or 6 years payment plan.
We ourself are the financer.
I will always better for the small individula buyer/ investor to get it financed by Bank. We can get the property ASAP, but can repay the money to Bank in a longer duration.
Costlier longer plans?
If shorter plans of payment cost less... for people who have opted for five or six years plan which extends beyond the completion date, will they get a discount if they choose to pay up at the time of completion/occupation??
That way maybe if you pay up you could be entitled to the Residence Visa, right away. Otherwise does one become entitled to visa only when the entire amount is paid.....i.e., at the end of the payment plan??
ajman properties
Do banks finance ready properties in Ajman like Al Naeemiya towers, Al khor towers etc. Does anybodyhave any idea?
Dear fellow brothers and
Dear fellow brothers and sisters,
Is there any update regard finance options for properties in EC?
If anyone has information please share it with us,
Regards,