RAKBANK Home In One

Minimum Salary
15.000,00 د.إ

Flat Rate
AED 2.6%

Reducing Rate
4.39 %

Maximum Term
25 Years

Monthly Payment
AED 4,122

Description

It combines your current account, interest savings and mortgage facility to provide a single, easy-to-manage solution with a range of benefits.

Major Advantage: Higher is your deposit in your current account; lower is your interest rate

Features

Main Features:

This finance is a combination of current account and Home Finance
Home in One is ideal for anyone who is buying home for self-use or investment
Every deposit you make in your current account lowers your interest payment reducing your loan tenure
You can withdraw your balance at any point in time
Interest is calculated on your daily balance, reducing the effective rate of interest
There is a monthly fee of AED 100 from 17th June 2024

Interest Rates & Charges:

Reducing Rate (as advertised): Starting from 4.39% p.a.

Processing Fees:

0.50% for salaried and self-employed individuals (Home in One, Standard Mortgages, and Islamic loans)
1% + VAT for non-residents and Alternate Income Program loans
0% for buyout transactions (except Alternate Income Program)

Property Valuation Fees: AED 3000 + VAT

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

Partial Settlement Fees: 25% per year of capital balance without penalty (after the fixed period)

Financial Requirements:

Minimum Salary Requirement: AED 15,000

Minimum Length of Service Required: 6 months for salaried & 2 years for self-employed

Salary Transfer: Not compulsory.

Minimum Down payment:

For first property (If property price < AED 5M): 20% for UAE national, 20% for Expats
For first property (If property price > AED 5M): 30% for UAE national, 35% for Expats
For second property: 35% for UAE national, 40% for Expats

Key Details:

Islamic Finance: No

Maximum Term: 25 years

Finance available for: Ready properties in Dubai, Abu Dhabi & Ras Al Khaimah. Under construction properties only in Dubai

Insurance (Compulsory):

Life Insurance: 0.0242% per month (on outstanding balance)

Property Insurance: 0.035% p.a.

Documents Required

Common Documents:

Valid Passport, Resident Visa and Emirates ID Copy.
Offer letter copies of all personal ongoing finance.
Rental income document (If any).
Property documents (If property is finalized or equity release).
Liability letter (In case of Buyout finance only).
Relevant property documents.

Salaried Client Documents:

Latest salary certificate addressed to RAK BANK.
Latest 6 months personal bank statement.
Six months pay slips if there is variance in salary.

Self-Employed Client Documents:

Valid trade company license.
MOA (Memorandum of Association) including all amendments.
Latest 6 months personal bank statement.
Latest 6 months company bank statement.
Audit financials of last 2 years.
Offer letter copies of all company ongoing finance (for self-employed).

Additional Info

All info mentioned can change at any point in time as per the discretion of the bank. The Bank will determine eligibility. All info above is subject to change.
Terms and conditions apply.
In line with the UAE’s VAT implementation from 1st January 2018, VAT at the rate of 5% will be levied on RAKBANK’s fees and charges specified herein, wherever applicable in line with UAE law.