RAKBANK revises ready-property rates: salaried 4.69% fixed for three years, non-residents through Islamic finance only
RAKBANK has revised its home finance rates for ready properties. Salaried customers, with or without a salary transfer, now fix for three years at 4.69% (4.68% on Islamic home finance), and non-resident applications are processed under Islamic home finance only.
Ready properties: three-year fixed rates
| Customer | Conventional | Islamic | Follow-on margin |
|---|---|---|---|
| Salaried, with or without salary transfer | 4.69% | 4.68% | 1.69% |
| Self-employed, Elite and/or Business Banking relationship | 4.89% | 4.88% | 1.75% |
| Self-employed, Non-Elite | 4.99% | 4.98% | 1.89% |
| Alternate Income Program (low doc), all customers | 4.89% | 4.88% | 1.99% |
On RAKBANK’s Home In One product the rates are the same as conventional and the follow-on margins are 0.25% higher: 1.94%, 2.00%, 2.14% and 2.24%.
Non-residents: Islamic home finance only
| Non-resident | With a Golden Visa | Without a Golden Visa |
|---|---|---|
| Salaried | 4.98% | 5.48% |
| Self-employed | 5.28% | 5.68% |
| Alternate Income Program | 5.48% | 5.48% salaried, 5.68% self-employed |
RAKBANK asks for the new rates and its updated Key Fact Statement to be applied to all cases going forward. RAKBANK’s eligibility assessment and offer letter control.
What this means if you are comparing banks
Against our September pricing, RAKBANK’s three-year salaried rate moves from 3.99% to 4.69% and its self-employed rate from 4.49% to 4.89%. Non-resident buyers now go through Islamic home finance, priced on whether they hold a Golden Visa. Mortgease compares RAKBANK with the rest of our panel of 18+ UAE banks and works out the cost for your case before anything is submitted.
See the RAKBANK mortgage guide, use the RAKBANK calculator, or review the latest UAE mortgage rates.