RAKBANK Mortgage Home Loans

RAKBANK is the abbreviation for National Bank of Ras Al Khaimah. It is a major financial institution in the United Arab Emirates. The bank was founded originally in 1976, however, a significant change was brought in the infrastructure in 2001. The focus was shifted from Corporate Banking to Personal and Business Banking. RAKBANK is also an integral part of the UAE Banking Federation.

Today, RAKBANK has 27 branches all over the UAE that cater to various demands and requirements in the banking sector. RAKBANK also has an Islamic banking unit known as RAKislamic. With its central office in Ras Al Khaimah, RAKBANK has reached thousands of customers throughout the country. The Government of Ras Al Khaimah owns 52.76% of RAKBANK with its public share trading on ADX. However, it is the trust and satisfaction of customers with absolute transparency that has made RAKBANK stand out from the rest.

If you are looking for a home loan in the UAE, RAKBANK mortgage home loans could be the most suitable solution for you. The most adaptable, cost-effective and simple option to finance the acquisition of real estate in major cities of the UAE such as Ras Al Khaimah, Abu Dhabi, and Dubai is a home loan from RAKBANK. A group of knowledgeable home loan experts at RAKBANK will offer you devoted, personalized attention and expert guidance throughout the entire procedure.   

Features & Benefits of RAKBANK Mortgage Home Loan

RAKBANK frequently offers customers exciting deals on home mortgage loans in UAE. The simple and safe procedure coupled with a transparent policy of the governing body will make the home acquisition a cakewalk. 

For instance, currently, RAKBANK is running a special promotional offer for UAE residents who are willing to shift to a ready-to-move-in residential house. This offer is valid up to July 31, 2022.  Now, why should you be choosing RAKBANK mortgage home loans? What are the key benefits and features that make RAKBANK so special? Let us see the highlights of RAKBANK mortgage home loans. 

• You can now avail fixed rate of interest if you are a salaried employee or a self-employed entrepreneur. You can enjoy a lower fixed rate of 3.89% per year to 6.79% per year for a tenure of 1, 3, 5, 7, or 10 years. 
• You can avail the benefits of variable rate from the very first day as well starting from 3M EIBOR + 1.69% interest per annum to 3M EIBOR + 1.99% interest per annum.   
• There is no IPA or In Process Approval fee attached to RAKBANK mortgage home loans
• For buyout loans, there is no processing fee required
• Only a 0.25% processing fee is levied on salaried applicants and the same is 0.50% for self-employed candidates
• You can also grab the exciting special discount on evaluation fees amounting up to AED 1850
• You are eligible for attractive rebates on Life Insurance at 0.0242% per month. Please make a note that VAT is applicable in this case
• You will receive an Emirates Skywards World Elite credit card once your RAKBANK mortgage home loan is sanctioned by the authorization body 

Interest Rates for RAKBANK Mortgage Home Loans

Let us now take a look at the RAKBANK mortgage home loan interest rates:

Documents Required to Avail RAKBANK Mortgage Home Loan

The bank first requires some information and documentation before processing a home loan candidature. The following documents are necessary for RAKBANK to process your application for a home loan:

• A copy of your current passport 
• A proof of your income (applicable to both salaried and self-employed individuals) 
• A financial audit (for self-employed individuals only)
• A VISA copy (required for expats)
• Photocopy of an Emirates ID (required for UAE residents)
• Bank statements from the active bank accounts over the previous six months
• All pertinent property information

Eligibility Criteria for RAKBANK Mortgage Home Loan in UAE

Every financial institution lays down a set of rules when it comes to loan approval. RAKBANK has been one of the most lenient banks which understands and acknowledges your personal needs. Therefore, it offers you eligibility criteria that are very easy to fulfill. You can have your home loan approved within a few days with RAKBANK. The following are the eligibility criteria laid down by RAKBANK management.

Home loans are can be availed by the following customer categories:

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

You can clearly see that almost every group of customers is covered by and large by RAKBANK home loan approval policies. You can easily apply for a RAKBANK mortgage home loan to buy the dream house today if you satisfy the above criteria. 

Besides the aforementioned categories, the highlights of RAKBANK home loan eligibility criteria are:

• Available for eligible residential and commercial premises for salaried and self-employed applicants
• For salaried individuals, the minimum monthly income need is AED 15,000 (for single and joint expats, one of the borrowers’ monthly remuneration ought to be at least AED 10,000)
• Maximum amount of loan up to AED 13 million for Salaried Individuals and AED 20 million for customers who are self-employed

These are the prerequisites that an applicant must meet for the approval of the RAKBANK home loan. If you are looking for a property on the splendid avenues of Dubai, Ras Al Khaimah, or Abu Dhabi, simply meet these easy requirements. You are then all set to go and own your home with RAKBANK mortgage home loans.    

The salary requirements for employees under the payroll of an organization and self-employed individuals are clearly mentioned by RAKBANK. You must have a fair idea of the minimum salary requirements. Please refer to the following table for a better understanding.

How to Apply for RAKBANK Mortgage Home Loan

Via RAKBANK Official Website

• Visit RAKBANK's official website.
• After that, select Personal from the header segment.
• You will arrive at a website with various financing alternatives. 
• Select the home loan option, then click "Apply."
• A RAKBANK home loan executive will get in touch with you soon after confirmation

Via Policybazaar.ae

• Go to the ‘home loan’ segment
• Find the lead form on the front page, then begin filling it out
• After completing and submitting this form, you will be directed to the home loans quotes page
• Compare your options here, choose the suitable RAKBANK home loan and then fill out the application
• Add the application's necessary supporting documents, then submit
• Once the bank has processed your application, a representative will call/ visit you to continue the loan process

RAKBANK Mortgage Home Loan Calculator

Customers can use the RAKBANK mortgage calculator to quickly estimate their loan amount, installments to be paid and interest rate for a RAKBANK home loan. The RAKBANK mortgage calculator requires the valuation of the property, amount of down payment and the total loan amount to calculate the same. The appropriate loan interest rate will subsequently be determined and displayed by the calculator.  

Terms and Conditions of RAKBANK Mortgage Home Loan

Keep in mind that taking out a mortgage loan is a commitment for the long term. It is highly advised that you comprehend every clause of the deal. You may also use a legal professional's assistance. The following are key fundamentals that you need to remember:

Top Reasons To Choose RAKBANK Mortgage Home Loan

RAKBANK has become the go-to bank for home loan applicants. It is very natural that you would like to own your house right in the heart of Dubai or Abu Dhabi. However, possessing an asset in the busiest streets of the world-class cosmopolitans may cost you a tad higher. Let this not make you abandon your dream. Get in touch with RAKBANK instead. At RAKBANK, you will be able to find the best home loan deals that will make your dreams come true. 

Some of the exciting and attractive aspects of the RAKBANK mortgage home loan are:

All in all, you can have your own tailor-made requirements fulfilled by RAKBANK. RAKBANK is not a mere financial institution that passes home loans, but it stays with you and walks the extra mile for you to materialize your dreams. 

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