|Minimum Salary||Salary Transfer||Islamic Finance||Maximum Term||Flat Rate||Reducing Rate|
|RAKBANK - Home in One||Minimum Salary: AED 20,000||Salary Transfer: No||Early Settlement Fees: No||Maximum Term: 25 Years||Flat Rate: -||Reducing Rate: 3.24%|
A Mortgage Loan that pays you interest
It combines your Current Account, Interest Savings and Mortgage Facility to provide a single, easy-to-manage solution with a range of benefits.
Limited Period Offer
- 1 Year fixed rates starting 3.24%
- 3 Year fixed rates starting 3.99%
- Avail free in principle approvals (IPA) – Save AED 5,000*
- 50% discount on processing fee for all customers*
- You can move your existing Mortgage Loan to RAKBANK at 0% processing fees*
Fees & Charges
Monthly charge of AED 25
UAE residents can apply for the mortgage facility on residential or commercial property. Salaried and self-employed residents are eligible to apply for the facility subject to provision of required documentation and at the sole discretion of RAKBANK.
- Every deposit you make lowers your interest payments reducing your loan tenor
- You can withdraw your available balance at any time, just like any current account
- Interest is calculated on your daily balances, reducing the effective rate of interest
- Home in One links your current account balances to your mortgage facility in order to reduce the mortgage balance you’re charged interest on. This will help reduce your mortgage payments each month.
- Your low yielding deposits once placed in Home in One will yield the same rate as that on the loan. Additionally, you will have instant access to your funds.
- Home in One is ideal for anyone buying a home whether for self-use or as an investment
- The Account offers all facilities of a Current Account i.e. Debit Card, Cheque book, Internet and Mobile Banking.
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the APR, which is going to be calculated in this example.
Years: This is the original term or length of the product, stated in years.
Effective Monthly Payment: This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%): The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.