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Ajman property is to appreciate in 3rd Qrtr 2008

Some banks are planning to give out loans for Ajman properties,in the 3rd Qrtr 2008 .
"If" the above statement is not a roumer, the resale prices will go up, at least by 10-15% more than the present lauch prise.
Members, be aware that there is a chance that it will fetch 600-700 by the end of this year.
Regards

which banks

which banks are planning to give finance. i think ajman bank will give finance in start of 2009. but i dont know how will they do it..as for eg. if a person out of 4 year payment plan has made payment for 2 years and if he wants to sell, then how much will the bank finance to the new buyer??

I heard Ajman Bank is

I heard Ajman Bank is starting its operation in Sep 08. There vare some other banks getting ready., Banks name in not yet known.,

how possible

Guys see plans , you know that we are paying on interest free plans directly to developer. so i dont know how mortgages in ajman is possible.

I 2 Ajman's picture

It will ease the Developers!

Once the Banks step in the Developers will no longer have to offer interest free payment plans. I am sure with the entry of the banks the liquidity pressure, if at all there is any, will get removed from the developers and they will be able to concentrate on development, and construction in a better way. In this way they will be assured of the payments coming in time and any delays on account of other factors will be taken care of by the liquidity cushion that they have.

However, Bank loans involve lots of paper work and formalities which are not there in case of developers finance, so developers interest free payment plans are still preferable unless of course the banks also make their loan delivery simpler and easier! THere are a whole lot of charges also attached to bank loans including valuations, processing, and even insurance.

Too Optimistic

Nice if that happens. Banks will loan only on properties that are almost ready (ie concrete assessable flats for valuations ect). If there is no infrastructure lik Electricity, water etc, why would banks loan on dud properties? Moreover, if they loan on Off plan basis ,then definitely they would want firm completion dates, handover dates, and a sure timetable, which non of the devlopers can give! This is reality.

So dont hold your breaths, guys.

I believe some banks are already offering finance scheme

I believe Bank of Baroda (BoB) UAE branch (www.bankofbarodauae.ae) is already offering finance scheme to BSEL towers in Emirates city. Following news item appeared in internet sometime in March 2008.

BSEL Infrastructure Realty collaborates with BoB

BSEL Infrastructure Realty (FZE), a fully-owned subsidiary of the Indian realty major, BSEL Infrastructure Realty, developers of AED 2 billion worth seven residential towers at Ajman`s Emirates City today announced a tie up with Bank of Baroda (Q, N,C,F)* (BOB) to offer mortgage financing to the property seekers in UAE for their own use.

Announcing the details of the mortgage financing, senior officials of Bank of Baroda said the facility has been conceived with the idea of offering the best in class financing deals to the rising number of investors in the company`s Ajman property at Emirates City.

The seven towers of the project are named after jewels - Fayrooz, Kahraman, Almas, Emerald, Sapphire and BSEL Ruby.

Under the mortgage finance scheme, Bank of Baroda will offer 70% of the value of the property up to a maximum tenure of 15 years subject to fulfilling eligibility criteria / other terms and conditions. The rate of interest starting from 8.50% (Floating rate linked with Bank of Baroda lending rate in U A E).

Each tower of the project rises up to 50 floors an the total project will offer 5,000 apartments. The total area of the property is estimated to be around 8 million square feet. The project development has already begun and the first phase comprising development of BSEL Pearl Tower is expected to be completed by early quarter of 2010. Each tower of the project will have ground floor as show room, six-level car parking and a host of amenities that suits modern living.