RAKBANK’s Home in One mortgage offers a unique blend of a current account and home loan, allowing you to reduce interest payments and pay off your mortgage faster.​

Key Features:

• Integrated Account: Combines your current account with your mortgage, enabling interest savings.

• Interest Savings: Deposits in your account offset the mortgage balance, reducing interest.

• Flexible Access: Withdraw funds anytime without penalties.

• Daily Interest Calculation: Interest is calculated daily on the net mortgage balance.

• Monthly Fee: AED 100 starting from June 17, 2024.​

Interest Rates & Charges:

• Reducing Rate: Starting from 4.39% per annum.

• Processing Fee: 0.50% for salaried/self-employed; 1% + VAT for non-residents; 0% for buyouts.

• Property Valuation Fee: AED 3,000 + VAT.

• Early Settlement Fee: 1% of outstanding amount or AED 10,000 (whichever is lower).

• Partial Settlement: Up to 25% annually without penalty after the fixed period.​

Eligibility Criteria:

• Minimum Salary: AED 15,000 per month.

• Employment Tenure: 6 months for salaried; 2 years for self-employed.

• Salary Transfer: Not mandatory.

• Down Payment:

  • First Property (< AED 5M): 20% for UAE nationals and expats.

  • First Property (> AED 5M): 30% for UAE nationals; 35% for expats.

  • Second Property: 35% for UAE nationals; 40% for expats.​

Additional Details:

• Maximum Term: 25 years.

• Applicable Regions: Ready properties in Dubai, Abu Dhabi, and Ras Al Khaimah; under-construction properties in Dubai.

• Insurance:

  • Life Insurance: 0.0242% per month on the outstanding balance.

  • Property Insurance: 0.035% per annum.​

Required Documents:

For All Applicants:

• Valid Passport, Resident Visa, and Emirates ID.

• Property documents (if finalized).

• Liability letter (for buyout cases).​

Salaried Individuals:

• Latest salary certificate addressed to RAKBANK.

• Last 6 months’ personal bank statements.

• Pay slips for the last 6 months (if salary varies).​

Self-Employed Individuals:

• Valid trade license.

• Memorandum of Association (MOA) with all amendments.

• Last 6 months’ personal and company bank statements.

• Audited financials for the last 2 years

Ready to explore this innovative mortgage solution in Dubai, UAE?  Contact us to connect with our expert mortgage consultants.