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RAKBANK Mortgage Home Loans

  •   July 17, 2017


Min SalaryAED 15,000
Flat Rate (As Advertised)1.78% p.a.
Reducing Rate (est. equivalent)3.25% p.a.
Arrangement Fee1%
Down payment20%
Max Finance Amount18,000,000
Fixed/VariableVariable
Early Settlement Fee1%

 

MAIN BENEFITS

  • Finance amount up to 18 million with a repayment period of 25 years.

OVERVIEW OF FEATURES

  • Expats are required to put 25% as down payment for this finance. UAE Nationals are required to put 20% as down payment for this finance.
  • Finance repayment period of up to 25 years.
  • You require a minimum salary of AED 15,000 per month to be eligible.
  • It is not a requirement to transfer your salary to apply.
  • The processing fee is 1% of the loan amount
  • The early settlement fee is applied as per UAE Central Bank policy, which is 1% of the outstanding amount (principal + profit) to date, or AED 10,000, whichever is lower.
  • The Insurance fee is 0.035% per year of property value
  • The interest rate starts from 3.25% per annum.
  • This rate is variable and is based on EIBOR plus a margin by the bank.
  • The reducing rate of this finance is 3.25% and the equivalent flat rate is 1.78%. The calculation used is a division of the reducing rate by 1.81 and this is indicative only.
  • Most ready projects in Abu Dhabi, Dubai & Ras Al Khaimah
RAKBANK Mortgage Home Loans
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