RAKBANK’s New Revolutionary Product – Home in One
by RAKBANK
If you've been thinking of purchasing a house in the UAE, this might just be the right time. In a recent report published in Gulf News, Deloitte has predicted that the "average residential sale prices in Dubai would continue to fall in 2016, reflecting a transition to a more mature market, as well as an increase in more affordable stock and discounting in emerging locations".
Keeping the market sentiment in mind, RAKBANK recently launched an innovative new Mortgage loan facility called Home in One. Simply put, it's a Mortgage Loan that pays you interest.
The new product combines your Current Account, Interest Savings and Mortgage Facility to provide a single, easy-to-manage solution with a range of benefits.
So, how does Home in One work?
The Home in One product saves you thousands in repayments by charging interest in a more efficient way. The key difference is the amount of debt you pay interest on. While traditional banking interests are based on your monthly balance, Home in One Interest is charged on your daily account balances.
Since your Home loan and Current Account is combined into one, the more you keep in your account the less interest you have to pay. The best part is that your money is always easily accessible at any time to buy groceries, pay bills, get petrol and do much more.
What happens if I withdraw funds deposited in my Home in One account?
The Home in One account can be used like a regular current account for your day to day banking needs. This includes issuance of cheques, Credit Card payments, salary transfers, remittances, utility bill payments, etc. You can withdraw your money at any time without any restrictions or charges.
You can go ahead and treat yourself to a holiday or whatever you want - then as funds are placed back in your account, the whole cycle of saving starts all over again.
Does Home in One offer refinance or buyout of an existing home loan?
At RAKBANK, we will be happy to refinance your property or buyout your existing Mortgage Loan with another bank. Infact, if you move your existing home loan to RAKBANK Home in One before 31st December 2016, you can avail the waiver of loan processing fee.. This means for e.g. - on a Home Loan of AED 2.25 million, you will save a (1%) processing fee of AED 22,500.
With RAKBANK Home in One, you can pay off your loan much sooner, get easy access to your funds and avail low cost mortgage. Simply use the Home in One calculator to learn more about how Home in One can save you interest.
Want to learn more about RAKBANK Home in One? Our Mortgage Helpdesk will gladly assist you with your queries and can be contacted at [email protected]. You can call us on 04 213 00 00 or SMS "Home" to 7011. Our customer service representatives will gladly assist you.
Terms and Conditions apply.