Best Home Loans to buy your dream home
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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 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-
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:
This is an affordable and easy way to finance a home purchase in Ras Al Khaimah, Abu Dhabi or Dubai. It offers benefits like:
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:
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:
RAKBANK does not limit itself to providing before-sales services but also offers exclusive post-sales services and runs a 24X7 helpline.
To be eligible for RAKBANK home loans, the person must fulfill certain criteria. They are-
Type of Loan |
Maximum Amount |
Repayment Tenure |
Flat Rate Of Interest |
---|---|---|---|
Home In One |
AED 18,000 |
25 years |
1 year: 1.99% p.a. to 3.24% fixed rate 3 years: 2.94% to 3.49% fixed rate |
Mortgage Home Loans |
AED 18,000 |
25 years |
1 year: 1.99% p.a. to 3.24% fixed rate 3 years: 2.94% to 3.49% fixed rate |
Green Mortgage Loans |
AED 18,000 |
25 years |
1 year: 1.89% p.a. to 3.14% fixed rate 3 years: 2.84% to 3.39% fixed rate |
In order to apply for RAKBANK home loans, follow the below-given steps:
In order to process a home loan application, the bank first needs a few documents for verification. They are:
The bank may ask for more documents if required.
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.
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.
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.
Yes, whether you are a UAE National or an expatriate, you are now legally entitled to purchase a home in Abu Dhabi, Dubai, and Ras Al Khaimah.
Factors like the down payment amount, the mortgage loan size, the rate of interest, the repayment term, and the payment schedule will all affect your monthly mortgage payment.
Yes, you need to register your property with the Land Department as per property and mortgage needs.