Key Features
Affordable interest rates
Flexible repayment periods
Minimum formalities and fast approvals
High loan amounts
Eligibility
All UAE residents and non-residents - salaried or self employed, UAE nationals or expatriates can apply for a RAKBANK Mortgage Loan. However, loans are granted at the sole discretion of RAKBANK.
Tenure of finance
UAE nationals and expatriates are eligible for a maximum period of 25 years subject to age criteria mentioned above.
Salary transfer
It is not necessary to transfer your salary to your account with RAKBANK.
Property & Life insurance
Property and life insurance is mandatory.
DOCUMENTS CHECKLIST
Documents for salaried customers
Passport
Labor Card/Employee ID card
Current dated monthly salary certificate (stating designation, length of employment and detailed breakdown of salary)
Salary bank account statements (last six months)
Other income account statements (last six months)
Documents for self-employed customers
Passport
Labor Card/Employee ID card
Audited financial statements (last two years - optional)
Other income documents e.g. tenancy contracts and title documents for rental properties
Personal bank account statements (last six months)
Company bank account statements (last twelve months)
Legal documents for self-employed customers
Copy of trade license
Copy of Chamber of Commerce registration
Copy of Memorandum and Articles of Association
Copy of Certificate of Incorporation, Register of Shares and Power of Attorney (applicable for offshore companies only) - Offshore companies out of policy
Property documents
Copy of sale or purchase agreement
Receipts of customer contribution and bank account statements validating this payment
Other documents
Cheque for the loan-processing fee
Cheque for valuation (if property is bought from the secondary market)
Minimum age for home loan
Minimum age of the loan applicant should be 21 years and maximum age upon maturity is 65 years or retirement age whichever comes first.
Maximum limit of loan per individual
This depends upon your individual financial status.
Minimum salary requirements
For single borrowers, the minimum gross salary should be Dh12,000 per month
Approved Projects
EMAAR Properties
Nakheel Properties
Dubai Properties
UAE nationals may also obtain finance for rental purpose on ready villas in Dubai (which are not gifted or granted).
INSTALLMENTS PAYMENTS
Examples calculated at an interest rate of 8.0% on reducing balance.
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Calculation of interest rate
The interest rate is variable and calculated on a reducing balance. It can be reviewed at least once a year.
Pre-approved mortgage loan
It is advisable to have pre-approved mortgage loan. RAKBANK works out the customer's maximum eligibility before he looks for probable properties. Once approved, he could look for the property that would be affordable. Charges are applicable.
