RAKBank Mortgage Loan | MoneyCamel

RAKBank Mortgage Loan

RAK Bank

RAKBank Mortgage Loan

New Home Loans
CAMEL VIEW
  • Finance available for off-plan houses too.
  • Also available for selected commercial properties.
  • Minimum monthly salary must be AED 15,000.
  • 2.99% is only fixed for 1 year.
FEATURES
Interest/Profit Rate 
2.99 % p.a.
Maximum Loan Amount 
AED 13,000,000
Maximum Loan Tenure 
25 years
Minimum Monthly Income 
AED 15,000
Shariah Compliant 
Any
Maximum LTV 
75 % of Property Value
FEES & CHARGES
Late Payment Fee 
AED 300
Prepayment Fee 
1% of Loan Amount
Rescheduling Fee 
AED 500
Life Insurance Rate 
0.5% of Loan Amount
Valuation Fee 
AED 3000
Loan Closure Fee on Balance Transfer 
0.03% of Loan Amount
Loan Liability Letter Charge 
AED 100
Property Insurance Rate 
0.04%
Processing Fee 
1% of Loan Amount
ADDITIONAL INFORMATION

Interest rates are starting at 2.99% (fixed for first year only), from 2nd year onwards 3% + 12 month EIBOR applies. Islamic finance is also available on similar terms.

Flexible repayment periods for the Mortgage Loans. 80% finance available for UAE Nationals and 75% for Expats.

Salary transfer is not mandatory. Finance available on most ready projects with Title Deeds as well as for specific off-plan projects.

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