RAKBANK
Home In One

Identification Documents:

• Passport
• Labour Card (if applicable)
• Khulasat Qaid (if applicable)

Salaried customers:

• Current dated salary certificate addressed to RAKBANK (stating designation, length of employment, detailed breakdown of salary)
• Other income documents e.g. tenancy contracts and title documents for rental properties
• Salary bank account statements (reflecting last 6 salary credits in the account)
• Other income account statements (last 6 months)

Self-employed customers:

• Audited financial statements (last 2 years)
• Other income documents e.g. tenancy contracts and title documents for rental properties
• Personal bank account statements (last 6 months)Corporate bank account statements (last 6 months)
• If un-audited financial statements - 12 months bank statements for both company and Personal accounts

Legal Documents (Self-employed customers only)

• Copy of Trade License (at least one year LOB)
• Copy of Chamber of Commerce Registration
• Copy of Memorandum and Articles of Association
• Copy of Certificate of Incorporation, Register of Shares and Power of Attorney (applicable for off-shore companies)

Property & other documents

• Copy of Sale/Purchase Agreement
• Receipts of customer contribution and bank account statements validating this payment
• Cheque for loan processing fee/valuation fees

Residency:

• UAE nationals and UAE residents
• Monthly Income Requirements:
• Available for salaried and self-employed individual customers for approved residential and commercial properties.

Minimum income required for salaried individuals:AED 15,000 / month

Minimum income required for single and joint expats: One borrower’s salary has to be a minimum of AED 10,000 / month

Maximum Loan Amount:

For salaried individuals:

• Maximum loan amount of up to AED 13 million
• For self-employed customers
• Maximum loan amount of up to AED 20 million

• Pay off your Loan much sooner
• Easy access to your funds 
• Low Cost Mortgage
• The Account offers all facilities of a Current Account i.e. Debit Card, Cheque book, Internet and Mobile Banking.
• Variable rate from day 1 and fixed rate options available.
• Attractive option of 3 & 5 years fixed rates for salaried and self-employed customers starting from 4.03% p.a. to 5.99%, reducing rate p.a.
• Follow on rates after expiring the fixed rate period starting from 3 months EIBOR + 1.74% to 3 months EIBOR + 2.54%.
• *Rates are subject to change based on market conditions from time to time.
• No In Principle Approval (IPA) fees
• 0% Processing Fee for buyout loans
• The Home in One Current Account will work as your primary account which you can use for all transactions in the month including but not exclusive to salary transfers, parking of excess funds and daily expenses.
• The inherent working of the account allows you to net off your Home In One facility outstanding with any deposits you make in your account for interest calculation. The interest is charged only on the resulting balance. 

Features

• Debit Card and Cheque book
• Pre-approved Credit Card
• Internet and Mobile banking
• Access to our ATM network

Home in One is also available for under construction properties.