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Home Finance Terms and Conditions | RAKislamic UAE

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<li style="font-weight: 400;" aria-level="1">If you pay off the Finance prior to the due date, you will pay prepayment charges at the rates described below.</li>
<li style="font-weight: 400;" aria-level="1">&nbsp;If you are late in payment or fail to make a payment on the due date, you will pay default profit at the rates described below.</li>
<li style="font-weight: 400;" aria-level="1">&nbsp;If you fail to make a payment or otherwise breach the Finance terms, this will be a default and the Bank will be entitled, among other things, to:</li>
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(a)&nbsp; Cancel the Finance and demand full repayment immediately;
(b)&nbsp; Report the default to the appropriate regulatory authorities including the UAE Central Bank and Al Etihad Credit Bureau and credit rating agencies, which will affect your credit rating;
(c)&nbsp; Bring legal proceedings against you and repossess the mortgaged property.

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