RAKBANK Home In One

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: Higher is your deposit in your current account; lower is your interest rate

Reducing Balance Rate  

* Complete the form to get more detailed 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: 

• 0.50% for salaried and self-employed individuals (Home in One, Standard Mortgages, and Islamic loans)
• 1% + VAT for non-residents and Alternate Income Program loans
• 0% for buyout transactions (except Alternate Income Program)

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 the fixed period)

Financial Requirements:

Minimum Salary Requirement: AED 15,000

Minimum Length of Service Required: 6 months for salaried & 2 years for self-employed

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: 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 (on outstanding balance)

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.