RAKBANK Home in One Mortgage Buyout

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: The higher your deposit in your current account, the lower your interest rate.

Reducing Balance Rate  

*Complete the form to get complete details about the rates

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 (Pre approval fee can be charged to self employed)

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 fixed period)

Financial Requirements:

Minimum Salary Requirement: AED 15,000

Minimum Length of Service Required: 

• 6 months for salaried individuals
• 2 years for self-employed individuals

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, 30% for Expats
• For second property: 35% for UAE national, 40% for Expats
• For under construction property: 50%

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

Property Insurance: 0.035% p.a.

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). 

• 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.