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RAKBANK Mortgage Home Loans

RAKBANK Bank

Mortgage Home Loans

Minimum Salary

AED 15K

Flat Rate

1.78%

Reducing Rate

3.25%

Loan Amount

AED 18000K

Early Settlement Fee

1%

Arrangement Fee

1%

Down Payment

20%

Repayments Up To

25 Years

minimum salary

AED 15K

Minimum Salary

flat rate

1.78%

Flat Rate

reducing rate

3.25%

Reducing Rate

max finance

AED 18000K

Loan Amount

early settlement fee

1%

Early Settlement Fee

arrangement fee

1%

Arrangement Fee

down payment

20%

Down Payment

repayment

25 Years

Repayments Up To

View details on bank page

Features

  • Provides high loan amount
  • Both UAE Nationals and Expats are eligible
  • Life and Property Insurance is mandatory
  • Minimum salary of AED 15000 is required
  • Fixed rate of the RAKBank Mortgage loan is 1.78%
  • RAK Bank mortgage loan is provided at an interest rate of 3.25% on reducing basis
  • Salary transfer is not mandatory
  • Maximum tenure the loan is provided for is 25 years
  • The processing fee is 1% of the loan amount
  • Maximum finance of AED 18000000 is provided
  • Down payment of 20% is required for UAE Nationals
  • Down payment of 25% is required for Expats
  • 1% of the loan amount is charged as early settlement fees
  • The interest rates depends on EIBOR

Benefits

  • Provides proper guidance before opting for a particular home loan
  • No additional charges are added for providing approval in-principle of loan
  • High finance is provided
  • Quick approval and hassle-free documentation
  • Low interest rates
  • Flexible payback options
  • Salary transfer is not mandatory
  • Provides life insurance and property insurance at competitive rates

Frequently Asked Questions

⭐ What is the maximum finance for Mortgage loan provided?

A. Maximum finance for a Mortgage loan is AED 1800000.

⭐ I’m not a RAKBank customer. Am I eligible for a mortgage loan?

A. Yes, you are eligible to apply for a Mortgage loan at RAKBank.

⭐ Can I get a mortgage loan for a commercial property?

A. Yes, RAKBank provides mortgage loan for few commercial properties in Dubai.

⭐ I’m not a resident of UAE. Can I apply for RAKBank mortgage loan?

A. Non-Residents of UAE are eligible to apply for a mortgage loan in RAKBank for purchasing a property in Dubai, Abu Dhabi, and Ras Al Khaimah.

⭐ Should I transfer my salary to RAKBank?

A. No, Salary transfer is not mandatory.

⭐ I’m 22 years old. Am I eligible for a mortgage loan?

A. Yes, the age limit to apply for a mortgage loan in RAKBank is 21 years to 65 years.

⭐ Is salary certificate a mandatory document to apply for a mortgage loan?

A. Yes, for salaries customers salary certificate is a mandatory document.

⭐ I already have a mortgage loan in another bank. Can I transfer it to RAKBank?

A. Yes, RAKBank provides buyout loan facility.

⭐ What is the minimum salary required for RAKBank mortgage loan?

A. For both UAE Nationals and Expats the minimum salary required is AED 15000.

Rakbank

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. It works with a vision to provide ‘simply better’ financial solutions to its customers in and around the UAE’ and a Mission to be the leading bank in the UAE by offering best products.

   Get in touch with RAKBANK Customer Care