RAKBANK Home Loan

Owning a house is one of the few most important goals in every human’s life. Not only is it a matter of huge investment but it is also where you build a new life with your family and loved ones. Home loans are now the major source of funding for most people instead of upfront capital. Having the right home loan plan can turn your dream into reality a lot faster. RAKBANK is among the top banks in the UAE that offer great home loan plans at attractive interest rates. If you are planning to purchase a home in the UAE, opting for RAKBANK mortgage loans would be a great choice.

Founded in 1976, RAKBANK is one of the oldest and most trusted banks in the UAE. Also known as the National Bank of Ras Al Khaimah, the bank underwent a huge transformation in 2001 when shifted its focus from Corporate Banking to Personal and Business Banking. Take a step closer to your dream of owning a home with the amazing features and benefits of RAKBANK home loans or mortgage loans.

RAKBANK Home Loan Plans

RAKBANK home loans flaunt several wonderful features including low and affordable mortgage loan rates, flexible payment tenure, and continuous support from the bank until you receive the keys to your new house. Let’s dive deeper and cover the best features of each type of loan offered by the bank-

1. RAKBANK Home in One
2. RAKBANK Mortgage Home Loans
3. RAKBANK Green Mortgage Loans

RAKBANK Home In One

The best thing about this loan is that it merges your Current account, Mortgage Facility and Interest Savings to make the loan easy to manage. This reduces the mortgage balance and hence the interest charged on mortgage. When you place your deposits in the Home In One linked-account, you earn interest as per the rate of the facility. The loan also offers a wide range of benefits on top of paying you interest:

• With every deposit, the interest rate is lowered along with reducing your Facility tenure.
• Available balance can be withdrawn anytime, just like a current bank account.
• Interest is calculated on the daily balance, which reduces the effect of interest rates.

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RAKBANK Mortgage Home Loans

 

This is an affordable and easy way to finance a home purchase in Ras Al Khaimah, Abu Dhabi or Dubai. It offers benefits like:

• Low and affordable interest rates for Mortgage Home Loans
• Flexible repayment tenure
• A high mortgage loan amount is available
• Minimum formalities are required and approvals are quick
• A dedicated Relationship Manager guides you through the whole process

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RAKBANK Green Mortgage Loans

If you are a salaried or self-employed person and wish to buy a ‘BARJEEL’ approved home in Ras-Al-Khaimah, then green mortgage loans are the best to assist you in the process. The benefits of the loan include:

• Variable interest rate with reducing rate.
• Salaried and self-employed individuals get to choose between 1 or 3 years fixed rate. Loans start from 1.89% p.a. to 3.14% p.a. fixed rate for 1 year. The fixed rate ranges between 2.84p.a. and 3.39% p.a. for and for 3 years.
• No fee on In Principle Approvals.
• 0% processing charge on buyout loans.
• For salaried and self-employed workers, the processing fee is 0.25% and 0.50% across all transactions, and not the 1% standard processing fee.
• The discounted evaluation fee is AED 1,850.

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Features and Benefits RAKBANK Home Loans in UAE

A home loan is a long-term commitment, therefore it is wise to check the features, benefits, and terms associated with the loan you want to take. To help you with it, here are the features listed down:

1. Quick Processing - RAKBANK values your time and understands the importance of faster loan issuance. Hence, RAKBANK offers quick approval of home loans with minimum documentation. The managers from the bank help you throughout the application process.
2. Dual-financing options - RAKBANK offers both conventional and Islamic home loan finances. Conventional home loan finances refer to the traditional way of lending. On the other hand, Islamic home loans are offered as per the laws of Sharia.
3. Affordable interest rates - RAKBANK home loan products come with affordable, competitive interest rates. The interest rate plays a very vital role when choosing a home loan. RAKBANK home loan interest rates start at only 1.89% pa.
4. Relationship managers can be your guide - An expert’s guidance becomes essential especially when it is about purchasing your first home. The Mortgage relationship managers of RAKBANK provide much-needed guidance to the customers and constantly support them until they receive the keys to their new house.
5. Post-sales services

RAKBANK does not limit itself to providing before-sales services but also offers exclusive post-sales services and runs a 24X7 helpline. 

Eligibility Criteria of RAKBANK Home Loan & Mortgage Loan:

To be eligible for RAKBANK home loans, the person must fulfill certain criteria. They are-

• The applicant must be at least 21 years old
• Must be a resident of the UAE
• The person must be salaried or self-employed
• The applicant should be able to provide proof of income
• The applicant must have a minimum salary of AED 15,000
• The applicant must be able to arrange at least 20% down payment

Interest Rates for RAKBANK Home & Mortgage Loans

How to Apply for RAKBANK Home Loan & Mortgage Loan in UAE? 

Via Paisabazaar.ae

• Visit our official website and head to the home loan section.
• Locate the lead form on the main page and start filling the form. Once you fill this form and submit, you will be taken to the quotes page of home loans.
• Compare and pick your RAKBANK home loan option here and proceed to fill the application form. 
• Attach the documents required for the application and submit. 
• Once the bank receives your application and process it, a representative will contact you to take the loan process further. 

Via RAKBANK Website

In order to apply for RAKBANK home loans, follow the below-given steps:

• Visit the official website of RAKBANK.
• Next, click on the Personal option from the header section. 
• You will land on a page offering different loan options. Choose your desired home loan plan and click o Apply.
• Once confirmed, an executive from RAKBANK will connect with you shortly. 

Documents Required for RAKBANK Mortgage Loans and Home Loan:

In order to process a home loan application, the bank first needs a few documents for verification. They are:

• Copy of Valid Passport
• Proof of Income (For Both Salaried and Self-Employed)
• Audit financials (For Self-Employed)
• Copy of VISA (Required for Ex-pats)
• Copy of Emirates ID (Required for UAE Nationals)
• Bank statements of the last six months of the active bank accounts
• All relevant property details

The bank may ask for more documents if required.

RAKBANK Mortgage Loan Calculator:

RAKBANK mortgage calculator helps its customers to get a brief idea of the RAKBANK home loan interest rates, the EMI to be paid, and the loan amount. You need to enter the loan amount, down payment, and property value in the RANKABK mortgage calculator. The calculator will then calculate and display the applicable loan interest rate. 

RAKBANK Home Loan & Mortgage Loan - Term & Conditions

• RAKBANK offers mortgage loans for customers who are GCC Nationals, UAE Nationals, Resident Expatriates, and Non-Resident.
• Loans are available for both salaried as well as self-employed individuals for residential and commercial properties that are approved. However, the minimum income for salaried Individuals needs to be AED 15,000 per month. 
• The highest Loan Amount for salaried individuals is AED 13 Million while for self-employed customers, the limit is up to AED 20 Million.

Before you decide to opt for RAKBANK home loans or any other, it is always advised to go through the loan contract papers yourself or get help from a trusted expert. Always be clear about all the terms and conditions.

Why Choose RAKBANK Home Loans in UAE?

One of the oldest and most active banks in the United Arab Emirates, RAKBANK was established in the year 1976 and went through a substantial transformation in the year 2001. From exclusively being a corporate banking service provider, it switched operations to Personal and soon to Business Banking services. 

The bank has 27 branches and is compliant with Electronic Banking System. Apart from personal loans, RAKBANK also offers Sharia-compliant personal and business banking services via RAKislamic - it's Islamic Banking unit. The bank is highly trusted by UAE residents and nationals. 52.76% of the bank is owned by the Government of Ras Al-Khaimah and the shares of the bank are publicly traded on ADX. 

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