RAKBANK Home in One

rakbank Bank

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Home in One

Minimum Salary

AED 15K

Flat Rate

1.92%

Reducing Rate

3.49%

Loan Amount

AED 18000K

Early Settlement Fee

1%

Arrangement Fee

1%

Down Payment

20%

Repayments Up To

25 Years

Advantages

  • Free debit card
  • Free cheque book
  • Avail pre approval on low charges

AED 15K

Minimum Salary

1.92%

Flat Rate

3.49%

Reducing Rate

AED 18000K

Loan Amount

1%

Early Settlement Fee

1%

Arrangement Fee

20%

Down Payment

25 Years

Repayments Up To

Advantages

  • Free debit card
  • Free cheque book
  • Avail pre approval on low charges

Features

  • A single account is provided for the mortgage payments that can be used as a current account
  • The interest rate will not be constant. It will be reduced depending on the monthly deposits
  • Both UAE Nationals and Expats can avail Home in One loan
  • Quick and hassle-free documentation
  • Minimum salary of AED 15000 is required
  • Fixed rate of 1.92% is charged for the Home in One loan
  • The loan is provided for an interest rate of 3.49% on reducing rate basis
  • Salary transfer is not mandatory
  • Finance is provided on the maximum tenure of 25 years
  • Processing fees of 1% are applicable
  • Maximum finance of AED 18000000 is provided bbhh
  • For Expats down payment of 25% is required and for UAE Nationals down payment of 20% is required
  • 1% of the loan amount is charged as early settlement fees
  • Interest rates are based on EIBOR

Benefits

  • Maintain a single account for current account and mortgage payments
  • Make higher monthly deposits to reduce interest rates and loan tenure
  • Can get approval in-principle details without any additional charges
  • Get a free debit card and checkbook to access the current account
  • Can use Home in One loan to buy out the existing loan at other banks
  • Joint account holders can avail Home in One loan
  • Avail Internet and Mobile banking facilities to check payments flow

Frequently Asked Questions

Q. What is the maximum finance for Home in One loan provided?

A. Maximum finance for a Home in One loan is AED 1800000.

Q. What are the monthly charges for Home in One account?

A. AED 25 is charged as monthly fees on Home in One account which is the combination of the loan account and the current account.

Q. How the interest rates get reduced?

A. Interest rates get reduced depending on the balance you maintain in your account or deposits you make. The higher you deposit money, the lower loan interest rate gets.

Q. How to check the monthly statements?

A. You will be provided a monthly statement or you can check using RAKBank Internet banking facility.

Q. Is Home in One loan provided on under construction properties?

A. Yes, you can avail Home in One loan on under construction properties too.

Q. Are there are charges included in withdrawing money from ATMs?

A. No charges are included in withdrawing money from ATMs.

Q. Do I need to provide proof of income?

A. Yes, self-employed individuals are required to provide proof of their income.

Rakbank Bank

Established in 1976, RAKBANK or the National Bank of Ras Al Khaimah (P.J.S.C), is one of the oldest banks in the UAE. As a member of the UAE Banking Federation (UBF), RAKBANK follows the Custom Charter as stipulated by the UBF and tries to encourage best practices in the financial services industry. With a Vision to ‘offer ‘simply better’ banking solutions to customers across the UAE’ and a Mission to ‘be the leading bank in the UAE by offering innovative and competitive products’, RAKBANK promises :