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RAKBANK Home Loans

Minimum Salary
0,00 د.إ

Description

RAKBANK’s mortgage suite—Home Loan, Home In One, Green Home Loan, and Amal Home Finance—offers reducing balance rates from 3.89% p.a., tenors up to 300 months, LTV up to 85%, a flat 1.00% processing fee, no pre-approval fees, and unique offset, green-mortgage, and Sharia’h-compliant structures.

Features

  1. Eligibility Criteria

Applicants must be UAE nationals or expatriates aged 21–65 (on loan maturity), with:

  • Minimum Income: AED 12,000/month (salaried) or AED 3 million annual turnover (self-employed).
  • Employment Tenure: ≥ 6 months in current role (salaried); ≥ 2 years in business (self-employed).
  • Credit Profile: Clean UAE credit bureau record.
  • Down Payment: 20% of property value (< AED 5 million); 30% (≥ AED 5 million).
  1. Product Types, Finance Amount & Tenor
Product Finance Amount (AED) LTV Tenor Unique Feature
Home Loan 250,000–20,000,000 80% (expats) / 85% (nationals) 24–300 months Simple conventional mortgage
Home In One 250,000–20,000,000 80% / 85% 24–300 months Offset account netting balances
Green Home Loan 250,000–15,000,000 80% / 85% 24–300 months Discounted rate for BARJEEL-certified homes
Amal Home Finance (Islamic) 250,000–20,000,000 80% / 85% 24–300 months Sharia’h-compliant Ijarah structure

 

  1. Interest/Profit Rate Structures
  • Reducing Balance Rate:89% p.a. fixed for first 2 years (all products).
  • Variable Rate (Years 3+): EIBOR (1M/3M) + 1.50% margin (floor applies).
  • Offset Benefit (Home In One): Interest charged on net balance (loan minus current account).
  • Green Discount: –0.25% margin concession on Green Home Loan.
  • Islamic Ijarah (Amal): Reducing profit rate mirroring conventional pricing without interest, plus annual Hibah (gift) capped at 1%.

 

Detailed Schedule of Fees

Fee Type Charge
Processing Fee 1.00% of loan amount (one-time)
In-Principle Approval (IPA) Fee Nil
Valuation Fee AED 2,625 per valuation
Documentation & Study Fee Nil
Early/Partial Settlement Fee 1.00% of prepaid/outstanding (max AED 10,000)
Late Payment Penalty AED 500 per missed installment (donation basis)
Account Statement & NOC AED 150 per document
Cooling-Off Period 5 working days revocation without penalty
Offset Account Maintenance Nil (Home In One)
Other Legal & Enforcement Costs Actual solicitor-and-client charges

Documents Required

  • Passport copy, Emirates ID, UAE residence visa (expats).
  • Salary certificate or audited trade license and financials (self-employed).
  • Last 6 months’ bank statements; liability letters.
  • Sales & Purchase Agreement; Title Deed/Oqood; independent valuation report.
  • For Home In One: link Home In One Current Account; no additional docs.
  • Takaful proposals (Amal) or insurance evidence (conventional).

Additional Info

  • No Pre-Approval Fees: Apply online with no upfront cost.
  • Offset Savings: Home In One reduces interest by offsetting current account balances.
  • Green Incentives: Preferential rates for sustainable homes certified by BARJEEL.
  • Islamic Financing: Amal Home Finance ensures Sharia’h compliance with transparent Hibah.
  • High LTV & Long Tenors: Up to 85% financing over 25 years.
  • Flexible Repayment: Grace period up to 90 days; annual partial prepayments without penalty.
  • Digital Convenience: End-to-end online application, mortgage calculators, and mobile-banking account integration.
  • Dedicated Support: Home-loan specialists, relationship managers, and 24/7 customer care.

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