• Dubai, United Arab Emirates

Description

RAK Islamic Mortgage Loans are the most flexible, affordable way to finance the purchase of property in Dubai, Abu Dhabi, and Ras Al Khaimah. RAK Islamic Mortgage has a team of specialist mortgage loan advisors who will provide you with dedicated and personal service and guide you effortlessly through the whole process.

Major Advantage: Fixed rate options also available, Free partial settlement up to 25%

Points to Consider: Minimum length of service required is 6 months

Main Features / Benefits

Profit Rates & Charges:

  • Reducing Rate (as advertised): Starting from 4.99% p.a.
  • Processing Fees: 0.525% of finance amount
  • Property Valuation Fees: AED 1942.50
  • Early Settlement Fees: 1% of outstanding amount or AED 10,000 whichever is less
  • Partial Settlement Fees: Free up to 25% of outstanding amount (once a year) after fixed year period

Requirements:

  • Minimum Salary Requirement: AED 15,000
  • Minimum Length of Service Required: 6 months
  • Salary Transfer: Not compulsory.
  • Minimum Down payment:
    • For first property (If property price < AED 5M): 20% for UAE national, 20% for Expats
    • For first property (If property price > AED 5M): 30% for UAE national, 35% for Expats
    • For second property: 35% for UAE national, 40% for Expats

Key Details:

  • Islamic Finance: Yes
  • Maximum Term: 25 years
  • Finance available for: Almost all ready properties in Dubai, Abu Dhabi & Ras Al Khaimah

Takaful (Compulsory):

  • Life Takaful: 0.0242% per month (on outstanding balance)
  • Property Takaful: 0.035% p.a. (based on the property value)

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