RAKBANK’s RAKislamic Home Finance offers a flexible and affordable way to finance property purchases in Dubai, Abu Dhabi, and Ras Al Khaimah, adhering to Islamic banking principles.

Key Features:

Sharia-Compliant Financing: Structured under Islamic finance principles.

Flexible Profit Rates: Starting from 3.89% per annum for salaried individuals and 4.24% for self-employed.

Maximum Term: Up to 25 years.

Partial Settlement: Up to 25% of the outstanding amount annually without penalty after the fixed-rate period.

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

Eligibility Criteria:

Minimum Salary: AED 15,000 per month.
Employment Tenure: 6 months for salaried individuals; 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.

Applicable Regions:

– Ready properties in Dubai, Abu Dhabi, and Ras Al Khaimah.

Takaful (Compulsory):

– Life Takaful: 0.0242% per month on the outstanding balance.
– Property Takaful: 0.035% per annum based on the property value.

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.

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