⚡ Rak Bank1 Rakbank Mortgage Home Loans 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 is 1% 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 3.99% fixed for 3 years. The 4th year and on will be 1.49% + EIBOR This rate is variable and is based on EIBOR plus a margin by the bank. The reducing rate of this finance is 3.99% and the equivalent flat rate is 2.09%. The calculation used is a division of the reducing rate by 1.901 and this is indicative only. Finance available on most ready projects with Title Deeds

Min. Salary	AED 15,000
Flat Rate (est. equivalent)	From 2.09% p.a.
Reducing Rate (est. equivalent)	From 3.99% p.a.
Arrangement Fee	1%

Downpayment	20%
Max Finance Amount	AED 18M
Fixed/Variable	Fixed
Early Settlement Fee	1%

Great for

High loan amounts
Finance available for any completed/under construction property
Applicable to both UAE Nationals and Expats

Be Aware

There is a down payment requirement

Main Benefits

Flexible repayment periods for the Mortgage Loans
High Mortgage loan amounts
Minimum formalities and fast approvals

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 is 1% 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 3.99% fixed for 3 years. The 4th year and on will be 1.49% + EIBOR
This rate is variable and is based on EIBOR plus a margin by the bank.
The reducing rate of this finance is 3.99% and the equivalent flat rate is 2.09%. The calculation used is a division of the reducing rate by 1.901 and this is indicative only.
Finance available on most ready projects with Title Deeds