RAKBANK Home Loans & Mortgages at Attractive Rates of Interest
With RAKBANK's Mortgage Home Loan, which are offered at attractive rates and easy repayment options, you can easily fulfill your dream of buying a new Home!
You’re probably eligible for Rakbank Home Loan if you are
At least 21 years old
Less than 65 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
Your Rakbank Home Loan amount eligibility is based on these factors
Loan capped is AED 8 million
EMIs of other loans lower
Increase your eligible Rakbank Home Loan amount by these steps
Make your spouse a co-applicant, and her income will add to your eligibility
Choose longer tenure loan up to 25 years
Alternatively add your parents
Rakbank Home Loan Interest RatesUpdated on 21 Oct 2016
|Interest Rate||2.99% p.a. onwards|
RAKBANK is one of the leading and fastest growing banks in UAE. RAKBANK is the trading name of the National Bank of Ras Al-Khaimah. It was established in 1976. The bank underwent a major shift in 2001 when it extended its services from corporate banking to retail and small businesses. Now, it has developed into a retail and business bank in the UAE with assets of AED 34.5 billion at the close of the first half of 2014. RAKBANK provides a variety of personal business banking services such as conventional and Islamic retail, small business, and commercial banking services through its group of thirty four branches in the UAE. It has its own Telephone, Online and Mobile Banking channels. RAKBANK has been ranked as the 1st bank in UAE for ROI (Return on Investment).
RAKBANK's Mortgage Home Loan
“There is something permanent, and something extremely profound, in owning a home.” Yes! Now you can also own your own home with RAKBANK's unique Mortgage Home Loan offerings. A Mortgage Loan is something you can avail by lending your property. With the Mortgage Home Loan services provided by RAKBANK, you can avail Home Loans at affordable and flexible rates in UAE and purchase property in cities like Abu Dhabi, Dubai, and Ras Al-Khaimah. RAKBANK has its own mortgage loan advisors who will provide customized and personalized information based on your requirements. They will you guide you effectively to get your loan sanctioned and fulfil your dream of buying a Home.
Mortgage Home Loan: Offerings & Benefits
RAKBANK has a wide range of unique offerings as part of its Mortgage Home Loan scheme. RAKBANK provides you the best information and tools required to buy your dream home. Thus, it helps you experience a hassle-free process. With RAKBANK, you can avail the following benefits:
- Mortgage Loan interest rates start from 2.99%, which are quite low and affordable
- Flexible repayment procedures
- Finance available on ready projects with Title Deeds.
- High mortgage loan amounts
- Quick approvals and less formalities
Basic information on Mortgage Home Loans:
Before approving and disbursing these loans, the bank will consider your debt-to- income ratio. It will compare your gross income to housing and non-housing expenditure. The bank will check whether you have long term debts such as other home loans, car loans or any other personal loans, which affect your loan servicing ability. It will also check your ability to meet down payment requirements in addition to personal details like age, credit history etc. After verifying all these details, the bank will decide to sanction the loan.
Normally, if you make a higher down payment, your loan requirements will be low. Your monthly mortgage payment depends on the amount of your down payment, the size of your loan, and the length of repayment term and payment schedule.
Other products offered by RAKBANK are:
Frequently Asked Questions - FAQs
- What is a mortgage?
- How do I know that I’m ready to buy a house?
A mortgage is broadly defined as a loan obtained to purchase property. The ‘mortgage’ itself is a lien (a legal claim) on the home or property that secures the promise to pay the debt. All mortgages consist of the principal amount borrowed and the interest which is owed over time on that principal amount.
Buying a home majorly depends on an individual’s financial situation, along with the present and future plans. Here are some questions that can help you analyse and decide if or not you need to buy a house:
- Do you have other financial commitments (e.g. auto loan, personal loan)?
- Do you have a secure and steady job?
- Do you have a steady source of income?
- Do you usually have additional funds at the end of each month?
- Do you have money saved for a down payment?
- Do you have the ability to pay a mortgage every month, plus additional costs?
If you can answer “yes” to these questions, you are probably ready to buy your own home.
RAKBANK currently offers mortgage finance for selected projects developed by the following developers:
Emaar Properties, Nakheel, Dubai Properties, ETA Star, Deyaar, Union Properties, Victory heights, Cedre Villas (Dubai Silicon Oasis), Private Developers (selected ready projects with Title Deeds)
The amount of the down payment, size of the mortgage loan, the interest rate, the length of the repayment term and payment schedule will all affect the size of your monthly mortgage payment.
Yes; Selected Commercial properties in Dubai subject to approval.
All UAE residents (salaried or self-employed, UAE Nationals or Expatriates) can apply for a loan. Loans are however granted at the sole discretion of the bank. Non-residents can also apply.
No, you do not have to be an existing customer to apply.
You may also read these articles related to Home Loans and Mortgages in the UAE:
The main factor while taking a home loan is the interest rate. Home loans are easily available from various banks across the UAE and the interest rate that is applicable on these loans depends on the bank that offers that loan. It is the rate of interest on the Home Loan that affects the EMI and hence your monthly budget throughout the tenure of the loan.
Buying a property for the first time in your life and that too on mortgage? It is a huge expense and a massive commitment to get involved with. Hence there are certain things you will need to know about it before you can proceed.
Ever felt like changing your lender? There are lots of things that make refinancing a mortgage a good idea and the chief among them is that if can help ease the pressure of monthly payments. You can also walk away with lots of benefits, depending on the bank.
Did you know that you can avail finance by tapping into the positive equity of your property? Instead of letting your property to sit idle, you may use it to avail finances. Many banks provide cash advances against properties for a lower rate of interest. Using properties as a collateral will help get cash advances of a higher amount at a very low rate.
Buy-to-let mortgages are best suited for the people who want to make an investment in the property with just the intention of letting out the property for rent. But since their purpose differs much from the regular mortgages, so does their other attributes. Hence it requires a well informed decision before opting for it.
Home Equity Loans provide the facility for homeowners to borrow funds by putting up the equity in their homes as leverage. Home Equity Loans or Second Mortgages are among the easiest sources of cash a customer could wish for. And these being tax deductible, offer an additional benefit.
Home Refinance Loans provide an option to the customers to opt for an additional finance on the existing property so as to get a better term and rate of interest than offered by their current mortgage. The second mortgage can be taken out once the first has been repaid.
Subprime Mortgages provides mortgages for the acquisition of residential real estate, sanctioned to customers with a bad credit history. Hence the risk of default on these loans is significantly higher and so are the fees to make up for the extra risk.
Reverse Mortgages are a special kind of mortgages targeted only at the customers who have crossed the age of 62 years. The banks or the lenders provide the money against the equity in the existing property and also do provide for the payments to be made either monthly or occasionally in lump sums.
Interest only Mortgage in the UAE provide the facility to the customer to pay off the interest on the mortgage before the principal amount. Interest only mortgages come with a fixed term and have so many benefits apart from low initial payments and are suggested for the customers who intend to sell the property after the end of the mortgage.
Fixed Rate Mortgages offer finance at fixed rates throughout the loan tenor and hence the monthly payments due on fixed-rate mortgages also remain the same. They are the exact opposite of adjustable rate mortgages in which the monthly payments may be low during the initial stages of the mortgage but could potentially increase to almost double the initial interest rates which will increase the monthly payments.
News about RAKBANK Home Loans
RAKBANK posts AED 716.2 million profit in the first half of 2015
National Bank of Ras al Khaimah or RAKBANK has posted a 12.2% increase in its overall income and a total net profit of AED 716.2 million in the first half of this year. The bank’s income from interests rose by 12.9% and its non-interest income rose by 9.8%. Even the operating cost of the bank has been on the rise and has risen by 3% but has been balanced out by the cost-to-income ratio which has come down by 3.6% from last year.
The bank’s CEO, Mr. Peter England, said that the gross lending now stands at AED 27.7 billion, an increase of 16%. Even the commercial lending by the bank has been rising and has posted an increase of 115%, however, the non-performing loans issued by the bank have not grown and are still at 2.7%. Even the assets of the bank have grown by AED 3.2 billion.
28th July 2015