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RAKBANK

The document provides product information for a conventional mortgage with a UAE resident and self-employed applicant. It details the mortgage type, transaction type, offer details including interest rate, minimum floor rate, property valuation and bank fees.

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brandadesiree
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90 views1 page

RAKBANK

The document provides product information for a conventional mortgage with a UAE resident and self-employed applicant. It details the mortgage type, transaction type, offer details including interest rate, minimum floor rate, property valuation and bank fees.

Uploaded by

brandadesiree
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Product information printed on

May 17, 2023 09:45 AM

Product information
Mortgage type Conventional Residency status UAE Resident

Transaction type Primary purchase Employment status Self employed

Offer Details

Bank RAKBANK

Last update 11/05/2023

Interest rate 5.29% fixed

Follow on rate 1.99% margin + EIBOR 3 MONTH

Minimum floor rate 1.99%

AED 1,942.50
Property valuation fee
(inclusive of VAT)

Bank pre approval / application fee AED 1,050

Bank processing fee 0.525%

Property insurance 0.035% of the property value to be paid per month

Life insurance 0.0242% monthly on outstanding loan amount

Over payment Up to 20% every year (after a fixed period)

Early settlement fee 1% of the loan outstanding or 10,000 whichever is lower

Our philosophy is to provide our customers with a transparent approach to securing mortgage finance and explain the charges associated with purchasing property in Dubai.
There are various charges payable to several parties and we aim to clearly set out what to expect, in order to avoid unpleasant surprises at a later date.

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