RAKBANK Home in One Loan

Best Home Loans to buy your dream home

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  • Flexible repayment periods up to 25 years
  • Processing fees as low as 1%
  • Profit rates starting at 2.75% per year

Get Home & Mortgage loan at Lowest Interest Rate

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Get Home & Mortgage loan at Lowest Interest Rate

  • Dubai
  • Abu Dhabi
  • Sharjah
  • Ras Al Khaimah
  • Ajman
  • Other

National Bank of Ras Al Khaimah or RAKBANK has been the pioneering financial institution of the United Arab Emirates since 1976. The bank has been a significant part of the UAE Banking Federation as well. Numerous facilities and ultramodern amenities provided by RAKBANK make it the forerunner in the industry. A major refurbishment of the bank took place in 2001 that shifted RAKBANK’s focus to Personal and Business Banking from Corporate Banking. 

RAKBANK is one of the top institutions in the UAE that offers the best home loan services. The bank presents multiple offers and home loans in the UAE to make your dream come true. RAKBANK Home in One is a home loan plan that facilitates you to be the owner of your own home without worrying a lot about interest rates and tenure of payment. 

A flexible payment schedule coupled with other benefits makes RAKBANK mortgage loans unique, attractive, and above all effective. Apart from business assistance with procuring the best home loans in UAE, RAKBANK takes care of every individual customer separately. You will get personalized assistance from the expert bank executives 24-by-7. Let us know more about the super-exciting RAKBANK Home in One mortgage loan plan.   

Features & Benefits of RAKBANK Home in One Loan

RAKBANK offers several home loans to esteemed customers. You can easily avail yourself of the best mortgage loans in the UAE through RAKBANK. Your dream of owning your apartment in Dubai is only a few clicks away.

RAKBANK Home in One loan has gained high popularity for various reasons. Now, before we get into the process of availing of the RAKBANK Home in One loan and discuss it in detail, let us have a glimpse of its key features and benefits 

  • The interest rate and the term of your Facility are both reduced with each deposit
  • Similar to a current bank account, the available balance may be withdrawn at any moment
  • The daily balance is used to calculate interest, which minimizes the impact of interest rates
  • You can use all the facilities about a current account including debit card services, credit card services, mobile, and internet banking in RAKBANK Home in One loan account

The finest feature of this loan is how easily it can be managed because it integrates your mortgage facility, current account and interest savings with the Home in One loan account. This cuts down the mortgage balance and, as a result, the interest rate. You receive interest based on the facility's rate when you put money into the Home In One linked account.   

Documents Required to Avail RAKBANK Home in One Loan in UAE

RAKBANK loans are easily accessible with proper paperwork. Like every financial institution, RAKBANK too needs some important documents to sanction a loan. Find below the list of documents you must keep in handy while you apply for the RAKBANK Home in One loan. 

  • A copy of your unique Emirates ID (required for individuals residing in the UAE)
  • A photocopy of the visa (required for expatriates)
  • A photocopy of your valid current passport
  • A declaration of earnings (applicable to both employed as a salaried individual and self-employed persons)
  • Bank records from the open bank accounts over the last six months
  • A thorough audit report of income and expenses (for self-employed individuals only)
  • Every relevant property detail

Interest Rates for RAKBANK Home in One Loan

Now let's look at the interest rates for RAKBANK Home in One loan.

Name of Loan

Maximum Amount

Repayment Tenure

Flat Rate of Interest

RAKBANK Home in One Loan

AED 18,000

25 years

  • 1 year: a fixed rate of 1.99% to 3.24% per annum
  • 3 years: 3.49% to 2.94% fixed rate for three years.

Buy your dream home through Home Loan @ lowest Rate in uae

Eligibility Criteria for RAKBANK Home in One

Every financial organization has a set of guidelines for approving loans. One of the banks that has been the most understanding and considerate of your demands is RAKBANK. As a result, it provides you with eligibility requirements that are quite simple to meet. With RAKBANK, your home loan might be authorized in a matter of days. The following are the requirements for eligibility established by RAKBANK decision-makers.

The following user types are eligible for home loans:

  • UAE Nationals
  • GCC Nationals
  • Local Expatriates
  • Non-Resident Individuals

In addition to the categories listed above, the highlights of the RAKBANK home loan eligibility requirements are:

  • You must be 21 years of age or above to apply for RAKBANK mortgage loans
  • You have to be either associated with a formal organization as a salaried employee or an entrepreneur who can afford the financial predicaments related to a home loan
  • The required minimum monthly income for salaried individuals is AED 15,000 (for single and joint expats, at least one borrower's monthly salary must be AED 10,000).
  • Maximum loan amounts are AED 20 million for self-employed borrowers and AED 13 million for those who are salaried.

Category

Minimum Salary Requirement

Individuals employed as salaried workers

AED 15,000 per month

Expatriates (Single or as one of the joint applicants)

AED 10,000 per month

These requirements must be satisfied in order to be eligible for a RAKBANK home loan application to be approved. Simply meet these straightforward criteria if you're seeking mortgage loans on one of the beautiful streets in Ras Al Khaimah, Dubai, or Abu Dhabi. With RAKBANK mortgage loans, you are always ready to buy a home.

How to Apply for RAKBANK Home in One Loan In UAE

Via RAKBANK Official Website

  • Visit the official RAKBANK website
  • Pick Personal from the header area 
  • You will reach a page with a variety of financing options
  • After selecting "Home Loan," click "Apply"
  • Following confirmation, a representative related to RAKBANK home loan will contact you

Via Policybazaar.ae

  • Visit the 'home loan' page 
  • On the home page, you will have an option of lead form which you must fill out to proceed further 
  • Once you submit the lead form after filling it out, you will be taken to the page for home loans estimates after completing and submitting this form
  • Explore your options here and pick the RAKBANK home loan that works best for you to complete the application
  • Add the required supplementary files, then submit the application
  • A consultant will contact you or come to your place once the bank has received your loan application to complete the procedure

RAKBANK Mortgage Home Loan Calculator

Customers can rapidly estimate the interest rate, loan amount and required installment amount for a RAKBANK Home in One loan using the bank's mortgage calculator. For the RAKBANK mortgage calculator to determine the total loan amount, you must enter the property value, the sum of the down payment and other factors specified during the bond signing. The calculator will then calculate and deliver the right loan interest rate.

Terms and Conditions of RAKBANK Home in One Loan In UAE

Dealing with home mortgage loans requires patience and perseverance. You have to acknowledge that it is a long–term affair to repay the mortgage loan. It is strongly encouraged that you understand every provision of the agreement. A legal expert's assistance is also advised to be taken to interpret every clause of the loan. You should keep in mind the following fundamentals:

  • To avoid legal issues, pay off all of your installments and other obligations by the due date
  • Read the agreement as well as other terms and conditions listed in the application form very carefully
  • Regularly check www.rakbank.ae, RAKBANK's official website, for updates
  • You must promptly provide the bank with proof of any changes to your income, employment, identification, contact information, residential status, financial details, or any other critical information that was provided on the application form
  • You must notify the bank in person if you wish to pay the mortgage early
  • The bank may foreclose on the properties that you pledged as collateral when you applied for the home loan if you don't pay your debts in full within the allotted time frame
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Top Reasons To Choose RAKBANK Home in One Loan

The preferred bank for those seeking a home loan in the UAE is RAKBANK. It sounds reasonable for you to choose to live in the core of Dubai or Abu Dhabi. It would be tedious and a lengthy process if you wish to save and then make a total down payment to buy your dream house. It will not only take a lot of time and effort but will also come with certain inconveniences. 

For instance, you start saving from today to buy an apartment at Ras Al Khaimah. By the time you will be ready to buy the apartment, it may be sold off or the property value would have increased. Therefore, availing of the best RAKBANK mortgage loans is the ideal option to grab the house keys today.  

The following are some of the appealing features of the RAKBANK home loans:

  • Mortgage interest rates are low and manageable.
  • The majority of financing-eligible projects also have title deeds
  • Flexible repayment plans for mortgages
  • Lenient eligibility criteria, minimal document requirement and quick approvals 
  • Amounts of large mortgage loans
  • You get access to a specialized relationship manager who can help you with your needs
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FAQs

May I apply for RAKBANK Home in One loan as an expat?

Yes, with proper documents such as your current passport and visa, you can apply for RAKBANK Home in One loan.

Do I need to get in touch with the Land Department to avail the home loans?

Yes, you should register your property with the Land Department to avoid further disputes.

Do I need to visit the headquarters of RAKBANK to avail the facilities of home loans?

No, you can now enjoy the seamless services from the comforts of your home. You can also enjoy personalized service from the bank. Simply checkout our Home Loans section today for a hassle-free application.  

 

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