The more funds you deposit in your Current Account, the less interest you pay on your
Home in One Loan.
This means that you pay interest only on the outstanding
loan amount net of the credit balances in your Home in One Current Account with the
bank. Therefore, you pay less or no interest depending upon the balances in your
Home in One Current Account.
For properties below AED 5 million: minimum 20% down payment required. For properties at or above AED 5 million: minimum 30% down payment required.
Disclaimer
Available for salaried and self-employed individual customers for approved residential and commercial properties.
Maximum Loan Amount:
To be eligible for Home in One, you must be a UAE resident with either a
salaried or self-employed income.
The application will be
subject to the provision of required documentation and the final
decision rests with RAKBANK.
The Home in One Current Account serves as your primary account, allowing you to manage all your monthly transactions, including salary transfers, parking of surplus funds, and daily expenses.
The account is structured in a way that it nets off your Home In One
facility outstanding with any deposits you make for interest
calculation, so you only pay interest on the resulting balance.
A monthly fee of 105 applies to the Home in One Account. You can view a detailed
list of charges and fees by visiting any RAKBANK branch or by clicking
here.
*Disclaimer:
5% VAT will be levied on RAKBANK’s fees and charges as per the UAE law,
where applicable.
Yes, you can withdraw your funds at any time without any restrictions or
charges.
The Home in One Account functions like a regular
current account, allowing you to carry out day-to-day banking activities
like issuing cheques, making credit card payments, transferring
salaries, making remittances, paying utility bills, and more.
Yes, the Home in One facility offers the option to buy out your existing
mortgage loan with another bank in the UAE.
Contact the Mortgage
Helpdesk or send an email to mortgage.queries@rakbank.ae for assistance.
Interest is calculated daily based on the balance in your Home in One
Account and debited monthly on the due date.
No interest is paid
on the credit balance in your account.
Get quick answers to your queries.
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Home In One Loan: Combine Mortgage & Savings | RAKBANK UAE
