• Minimum Salary AED 15,000
  • Flat Rate
  • Reducing Rate 2.69%
  • Max. Term 25 Years
  • Salary Transfer No
  • Islamic Finance No


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


Rate Card

Reducing Balance Rate  

  3 Year Fixed Rate Follow Up Rate
For Salaried Clients >=35K Salary (Non Elite)  Starting from 2.69% 3 Months EIBOR + 1.74% Margin
For Salaried Clients <35K Salary (Non Elite) Starting from 2.74% 3 Months EIBOR + 1.74% Margin
For Salaried Clients  (Elite) Starting from 2.69% 3 Months EIBOR + 1.49% Margin
For Self Employed (Non Elite) 3.49% fixed for 3 years 3 Months EIBOR + 1.94% Margin
For Self Employed (Elite) 3.49% fixed for 3 years 3 Months EIBOR + 1.69% Margin


*ELITE product eligibility: Income should be AED50,000 per month or property value should be AED2.5M


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 25


Interest Rates & Charges:

Reducing Rate (as advertised): Starting from 2.69% p.a.

Processing Fees: 0.25% for salaried and 0.50% for self employed (plus vat) (Nil for Buyout)

Property Valuation Fees: AED 3150 for New Purchase and AED 2205 for Buyout

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 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
  • For under construction property: 50%


Land Dept. Fee FinancingUp to 4.5% of the fees financed, same rate and term of the mortgage


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: 0.4% p.a. (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.

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