RAKBANK RAKislamic Home Finance

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  

Please complete the form to get detailed quotation as per your working profile

*Salary transfer letter required before disbursement.

Profit Rates & Charges:

Reducing Rate (as advertised): Starting from 3.89% p.a.

Processing Fees: 0.525% of finance amount

Property Valuation Fees: AED 3,000 + VAT

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.