Profit rates starting from

Step into your dream home with RAKBANK's Amal Home Finance. Check for advantages, key terms and conditions from RAKislamic. Get your home loan solutions.


RAKBANK Amal Home Finance in UAE | RAKislamic

Home Finance

The easiest way to move into your dream home

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Processing fee: 1% of finance amount (max AED 5,000)

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Low cost mortgage

No pre-approval fees 
 
0% processing fee for buyout financing 
 
0.50% due diligence, documentation and processing fee for salaried and self-employed customers for fixed rates options of 3 years and 5 years 
 
0.25% due diligence, documentation and processing fee for salaried and 0.50% for self-employed customers for variable rate from day 1 financing 
 
Special discount of AED 2,350 on evaluation fees 
 
Attractive discounts on life takaful at 0.0242% per month + VAT of the finance outstanding each month, as applicable 
For Alternate Income Program, pre-approval fee is AED 787.5 (including VAT) (non-refundable) & due diligence, documentation and processing fee is 1%

Low-cost mortgage

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Home Finance - FAQ's

Profit rate starting from

RAKislamic initiates green finance options with sustainable choices. Get attractive interest rates for auto, personal, etc. green financial options in UAE.


Types of Green Finances | RAKislamic

Green Personal Finance

Minimum monthly salary / income: AED 15,000

Min monthly salary/income AED 15,000

<ul dir="ltr">
<li style="text-align: justify;">The Bank may amend the features, fees, charges, terms and conditions of the Finance with prior notice of 60 days to you.</li>
<li style="text-align: justify;">The Bank may amend the profit rates for the Finance with 30 days&rsquo; notice to you in advance. </li>
</ul>
<div class="tab-terms-conditions__important-info-body--desc rak-table">
EIBOR Rates are updated four times a year on the first business day of every January, April, July and October months if your Mortgage Finance is based on 3 months EIBOR + Margin. For Finances based on 6 and/or 12 Months EIBOR + Margin, rates are updated two times a year on the first business day of every January and July months. Communication is sent to you post the change in EMI on account of change in applicable EIBOR Rate.&nbsp; To know more about EIBOR Rates or to know the EIBOR Rate movements, please refer to: <a href="https://www.centralbank.ae/en/forex-eibor/eibor-rates">https://www.centralbank.ae/en/forex-eibor/eibor-rates</a>&nbsp;
</div>
 Warnings
<ul>
<li>If you pay off the Finance prior to the due date, you will pay early settlement charges at the rates described in Serive and Price Guide.</li>
<li style="font-weight: 400;" aria-level="1">If you are late in payment or fail to make a payment on the due date, you will pay donation amount at the rates described in Serive and Price Guide.</li>
<li style="font-weight: 400;" aria-level="1">Once you sign the Final Offer Letter, processing fee will not be refunded</li>
<li style="font-weight: 400;" aria-level="1">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>
</ul>
(a) Cancel the Finance and demand full payment immediately;
(b) 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) Bring legal proceedings against you and repossess the mortgaged property. 
Customer Obligations 
You need to:
<ul>
<li style="font-weight: 400;" aria-level="1">Pay all installments and other amounts due on the due dates without delay.</li>
<li style="font-weight: 400;" aria-level="1">Review this document and all other terms &amp; conditions set out in the application form in detail.</li>
<li style="font-weight: 400;" aria-level="1">Regularly check our website (www.rakbank.ae) for updates.</li>
<li style="font-weight: 400;" aria-level="1">Notify the Bank in writing if there is a change in your employment or income details, contact details, residential status, identification details, financial details or any other material information as declared in the application form.</li>
<li style="font-weight: 400;" aria-level="1">Notify the Bank in writing if you wish to prepay your Finance prior to its maturity. </li>
</ul>
Risks and Limitations
<ul>
<li>No deferrals of instalments are allowed on this Finance</li>
<li>If you fail to make any payment due under the Finance or otherwise breach our terms, you will lose the property mortgaged to the Bank as a result of the mortgage enforcement proceedings that we may take.</li>
</ul>
&nbsp;

Key Terms and Conditions

Application Form

Key Fact Statement

Service and Price Guide

Mortgage/Home Finance Service Form

Terms and Conditions

Home Finance - Relevant links

Valuation fees

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Branches & ATMs

Home Finance - feature card - Minimal formalities, fast approvals

The road to owning your home can be daunting. 
That’s why we’ve streamlined the process to make it easy and stress-free. Instead of spending months on paperwork and waiting around for an answer, you will be enjoying your new place faster than ever before!

Minimal formalities, fast approvals

How does purchasing a home through Ijarah compare with renting?

<ul>
<li style="font-weight: 400;" aria-level="1"><a href="/globalassets/rakbank/all-pdfs/002---islamic---key-fact-statements/bilingual/kfs063-islamic-home-finance-1.pdf?MOD=AJPERES&amp;CVID=oiuY3dk" target="_blank" rel="noopener">Key Fact Statement</a></li>
<li style="font-weight: 400;" aria-level="1"><a href="/globalassets/rakbank/all-pdfs/002---islamic---service-and-price-guides/bilingual/016-sp-vat-homefinance-islamic.pdf?MOD=AJPERES&amp;CVID=o6A-h-4" target="_blank" rel="noopener">Service and Price Guide</a></li>
<li style="font-weight: 400;" aria-level="1"><a href="/globalassets/rakbank/all-pdfs/002---islamic---terms-and-conditions/pps-a0654_home-finance-documentation-individuals.pdf?MOD=AJPERES&amp;CVID=odZAHu." target="_blank" rel="noopener">Terms and Conditions</a></li>
</ul>

Important Documents

Important Information

<ul>
<li>Minimum monthly salary of AED 15,000 </li>
</ul>

Salaried Individuals

Terms And Conditions

Home Finance - feature card - Affordable profit rates

Attractive option of 3 & 5 years fixed rates for salaried and self-employed customers starting from 3.98% p.a. to 5.99%, reducing rate p.a.
 
Follow on rates after the fixed rate period starting from 3 months EIBOR + 1.65% to 3 months EIBOR + 2.39%
 
Variable rate from day 1 starting from 3 months EIBOR + 0.99% to 3 months EIBOR + 1.79% reducing rate p.a.

Affordable profit rates

Home Finance  

Downpayment subject to finance-to-value approval

What is an Ijarah?

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Purchase a property under single or joint names

Home Finance - feature card - Single or joint ownership

With the single or joint ownership option, you can purchase your dream property in the name of one or two individuals without compromising on convenience or affordability.
 
When you opt for joint ownership, our Home Finance allows you to share the costs with another borrower - providing flexibility and security to both parties.

Single or joint ownership

Deferral not allowed

Islamic

AED 50,000-above

<ul>
<li>Proof of employment</li>
</ul>

UAE Nationals

Personal - Apply From RakMobile

Download the RAKBANK App and apply instantly

Apply through the RAKBANK App

Home Finance - Help Card

Under construction finance

Open to UAE nationals, expats and non-residents

Open to Nationals, Expats, and non-Residents

Eligibility & Fees   

You’re closer to your ideal finance than you think

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Eligibility

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Indicative Mortgage Finance Calculator

Max loan amount: Up to AED 13 million or 8 years' income for Nationals, up to AED 13 million or 7 years' income for non-Nationals

Max tenor: 25 years

Maximum finance amount: from 75% to 80% of Finance-to-Value

Max finance amount up to 80% of the finance-to-value (FTV) for nationals, up to 75% FTV for expats

<ul>
<li>Minimum of 12 months employment with the same employer</li>
</ul>

Non-Residents

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Features

Our Home Finance is one of the most flexible and convenient ways to finance the purchase of property in Abu Dhabi, Dubai, and Ras Al Khaimah.
Our team of specialist Home Finance advisors will provide you with dedicated and personal service to guide you through the whole process and help eliminate any stress.

Flexible, affordable, and hassle-free

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Who can apply for Home Finance ?

Islamic Mortgage Loan Calculator

Note, installment amount is divided by payment and profit rate. Towards the beginning of your home finance, the majority of the payment is profit.

With Salary Transfer

AED 5,000-19,999

AED 20,000-49,999

Home finance

Home Finance - Cross Sell

*for salaried customers and 0.75% for self-employed For full details of our Home Finance fees and charges, please refer to our <a title="Home Finance Service &amp; Price Guide" href="/globalassets/rakbank/all-pdfs/002---islamic---service-and-price-guides/bilingual/016-sp-vat-homefinance-islamic.pdf" target="_blank" rel="noopener">Service and Price Guide</a>.

Fees

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FAQ Accordion Items

Due diligence, documentation and processing fees

Processing Fees

Home Finance - feature card - Flexible payment options

We understand that buying a home can pose significant financial challenges. 
That’s why we offer flexible payment periods of up to 25 years so that you can rest assured the Finance works within your budget and needs.

Flexible payment options

Can expatriates own a home in Abu Dhabi, Dubai and Ras Al Khaimah?

Benefits

 What happens after I’ve applied for a home finance?

Not sure about something? Check our frequently asked questions to find what you’re looking for.

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FAQs

Terms and Conditions Notification

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Profit rates as low as 4.70% reducing rate p.a. 

Starting profit rate at 4.70% p.a.

<ol>
<li>Your Emirates ID</li>
<li>Your Passport with valid residency visa</li>
<li>Any of the following proof of income</li>
</ol>
<ul>
<li>Salary Certificate</li>
<li>Bank Statements</li>
<li>Payslips</li>
<li>Labour Contract</li>
</ul>

Visit A Branch

A specialist will be able to assist you with the process

Visit a branch

<ul>
<li>Business ownership for a minimum of 2 years</li>
<li>UAE residents and non-residents, UAE nationals and expatriates, GCC nationals</li>
</ul>

Business Customers

Featured profit rate

Green Mortgage Finance

Fulfil your dream to buy a BARJEEL-certified home



Scan the QR code to download the RAKBANK app from the Apple App Store

Download the RAKBANK App!

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UAE Expatriate Residents

<ul>
<li>Minimum of 6 months employment with the same employer</li>
</ul>