RAK Islamic Mortgage Loans are the most flexible, affordable way to finance the purchase of property in Dubai, Abu Dhabi and Ras Al Khaimah. RAK Islamic Mortgage has a team of specialist mortgage loan advisors who will provide you with dedicated and personal service and guide you effortlessly through the whole process.

Major Advantage: Fixed rate options also available, Free partial settlement up to 25%

Points to Consider: Minimum length of service required is 6 months 

Reducing Balance Rate  

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

Profit Rates & Charges:

Reducing Rate (as advertised): Starting from 4.99% p.a.

Processing Fees: 0.525% of finance amount

Property Valuation Fees: AED 1942.50 

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

Partial Settlement Fees: Free up to 25% of outstanding amount (once a year) after fixed year period

Requirements:

Minimum Salary Requirement: AED 15,000

Minimum Length of Service Required: 6 months

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: Yes

Maximum Term: 25 years

Finance available for: Almost all ready properties in Dubai, Abu Dhabi & Ras Al Khaimah

Takaful (Compulsory):

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

Property Takaful: 0.035% p.a. (based on the property value)

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.
• Address Proof

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.