To Speak to an advisor, Kindly Call +971-43233236
Email Us: sales@compare4benefit.com
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
3 Year Fixed Rate | Follow Up Rate/ Varibale Rate | |
For Salaried Clients (Non Elite) - 80% LTV | 4.99% (Fixed for 3 years) | 3 Months EIBOR + 1.99% Margin |
For Salaried Clients (Elite) - 80% LTV | 4.99% (Fixed for 3 years) | 3 Months EIBOR + 1.79% Margin |
For Self Employed (Non Elite) -75% LTV | 5.49% (Fixed for 3 years) | 3 Months EIBOR + 2.19% Margin |
For Self Employed (Elite) - 80% LTV | 5.49% (Fixed for 3 years) | 3 Months EIBOR + 1.99% Margin |
*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:
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:
Salaried Client Documents:
Self-Employed Client Documents:
Minimum Salary: 10,000 AED
Reducing Rate 4.89%
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