⚡ Rak Bank1 Rakbank Home In One For Locals

Expats are required to put 25% as down payment for this finance. UAE Nationals are required to put 20% as down payment for this finance. Finance repayment period of up to 25 years. You require a minimum salary of AED 15,000 per month to be eligible. It is not a requirement to transfer your salary to apply. The processing fee ranges from 1%- 1.40% of the loan amount The early settlement fee is applied as per UAE Central Bank policy, which is 1% of the outstanding amount (principal + profit) to date, or AED 10,000, whichever is lower. The Insurance fee is 0.035% per year of property value. The interest rate starts from 3.49% per annum for 1 year fixed rate or 3.99% for 3 year fixed rate if property is above USD 1 Million. This rate is variable and is based on EIBOR plus a margin by the bank. Most ready projects in Abu Dhabi, Dubai & Ras Al Khaimah

Min. Salary	AED 15,000
Flat Rate (est. equivalent)	From 1.83% p.a.
Reducing Rate (est. equivalent)	From 3.49% p.a.
Arrangement Fee	1%

Downpayment	20%
Max Finance Amount	AED 0
Fixed/Variable	Variable
Early Settlement Fee	1%

Great for

This is a combination of a curent account and mortgage
Higher the deposit, lesser interest you pay on your loan

Be Aware

There is an arrangement fees applicable
There is a monthly fees applicable

Main Benefits

This is a combination of current account and mortgage loan.
Every deposit you make lowers your interest payments reducing your loan tenor.
Flexibility to withdraw funds at your convenience.

Overview of Features

Expats are required to put 25% as down payment for this finance. UAE Nationals are required to put 20% as down payment for this finance.
Finance repayment period of up to 25 years.
You require a minimum salary of AED 15,000 per month to be eligible.
It is not a requirement to transfer your salary to apply.
The processing fee ranges from 1%- 1.40% of the loan amount
The early settlement fee is applied as per UAE Central Bank policy, which is 1% of the outstanding amount (principal + profit) to date, or AED 10,000, whichever is lower.
The Insurance fee is 0.035% per year of property value.
The interest rate starts from 3.49% per annum for 1 year fixed rate or 3.99% for 3 year fixed rate if property is above USD 1 Million.
This rate is variable and is based on EIBOR plus a margin by the bank.
Most ready projects in Abu Dhabi, Dubai & Ras Al Khaimah