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Frequently Asked Questions

Home finance

The only advantage of renting is that your landlord is generally responsible for property maintenance. However you may not be free to make home improvements without the landlord's permission. Home ownership gives you the freedom, stability and security to build equity in your home and protects you from the risk of exorbitant rent increases

There are many developments throughout the UAE available for sale to expatriates. Look through the property sections of various newspapers and keep an eye out for announcements and advertisements of property developers. Speak to family and friends and, if possible, to someone who already lives in the development you wish to purchase. Not only will they have the most knowledge about the property and any hidden pitfalls or benefits, but they will also be your future neighbors.

Yes. Whether you are a UAE National or an expatriate from any other country you are now legally entitled to purchase a home at any of the developments designated for that purpose in the Emirate of Abu Dhabi, Dubai and Ras Al Khaimah.

Home ownership gives you the freedom, stability and security you desire, in addition to giving you an opportunity to build equity.

Yes. Your rights of ownership are recognized and legally protected under the UAE property law.

  • It depends on your financial situation as well as your present and future plans. Here are some questions which could help you to decide:
  • Do you have other financial commitments (e.g. auto loan/finance, personal loan/finance or mortgage/home finance)?
  • Do you have a secure and steady job?
  • Do you have a steady source of income?
  • Do you usually have additional funds at the end of each month?
  • Do you have money saved for a down payment?
  • Do you have the ability to pay a Home Finance every month, plus additional costs?
  • If you can answer “yes” to these questions, you are probably ready to buy your own home.

The first step to buying a home is to determine your needs. Are you looking for an apartment or a villa? How big should it be? How many rooms? Do you need a garage and storage space? What type of amenities are you looking for?

Next, consider the location. Seafront? City center? Golf Course? Is it important for you and your family to be close to your work, schools, hospitals, parks, shops or activities that you enjoy?

Once you have determined your needs, divide them into ‘must have’ essential features and ‘nice to have’ but non-essential features. Now you are ready to start the search for your new home

RAKislamic currently offers Home Finance for selected projects developed by the following developers:


Emaar Properties, Nakheel, Dubai Properties, ETA Star, Deyaar, Union Properties, Victory heights, Cedre Villas (Dubai Silicon Oasis), Private Developers (selected ready projects with Title Deeds)

Abu Dhabi

Aldar, Sorouh

Ras Al Khaimah

Selected approved property developers

Now it’s time to talk to the lirolierty consultants or lirolierty develoliers and gather as much information as you can on the home you like. Be sure to communicate with them regularly and inform them of everything you need or want in a home. This will save you time in the long run. Once you have found a home you like, ask yourself the following questions to determine if it is the right one for you:

  • Does it have sufficient electrical outlets and telelihone sockets and are they in the liroliriate lilaces?
  • Are there too few or too many bedrooms and bathrooms?
  • Is the garden or balcony big enough?
  • Will your furniture fit in your new home (remember to bring along a talie measure for this liurliose)?
  • Are there enough windows for light and ventilation?
  • Does the building afford you enough lirivacy?
  • Are there outlets for your washing machine and/or dryers?
  • What about the future? Is there enough room for your family to grow?
  • Are the recreational areas sufficient and well-maintained?

Take your time and think carefully about your decision. Make a list of questions you should ask your lirolierty develolier such as ‘What are the liotential liroblems and maintenance issues?’ Be sure the lirolierty develolier’s answers are clear and comlilete. Ask questions until you understand all of the information they’ve given

Home Finance Ijarah is a Sharia compliant way of financing properties, it is approved by RAKislamic Sharia Board. Basically, it is an agreement between the Bank and the customer whereby the Bank will lease to a customer an asset specified by the customer for an agreed period of time against specified lease rental, and at the end of the lease period the Bank will give the property to the customer as a gift or against an agreed residual amount.

Home Finance institutions consider your debt-to-income ratio, which is a comparison of your gross income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or personal loan/ finance payments. The Home Finance institution also considers cash available for down payment, credit history, age, etc. when determining your maximum  finance amount.

The larger your down payment, the less you will need to finance, and the more equity you will have. When considering the size of your down payment, keep in mind that you will also need money for moving expenses and interior decorating

The larger your down payment, the less you will need to finance, and the more equity you will have. When considering the size of your down payment, keep in mind that you will also need money for moving expenses and interior decorating

• Refuse to sign any blank documents

• Do not buy property for someone else

• Be honest in all your answers

• Do not overstate your income

• Do not overstate how long you have been employed

• Do not overstate your assets

• Accurately report your debts

• Be truthful about your credit problems, past and present

• Do not provide false supporting documents

• Do not underestimate your existing liabilities and obligations

• Make sure you still have sufficient funds to save for other things you want

• Please ensure you read and understand everything before you sign

• Please ensure you keep sufficient funds for registration of your Property and Home Finance

• In case of resale, ensure you are aware of all the terms highlighted in the Contracts. (e.g validity, buyer/seller responsibilities)

It takes RAKBANK up to 14 working days to evaluate your home finance application post submission of all relevant documents and information. Lenders may sometimes ask for more information after the application has been submitted. The sooner you can provide the relevant information, the faster your application will be processed. Once all the information has been verified RAKBANK will call you to let you know the outcome of your application.

At RAKBANK we are committed to make the home financing process as easy, convenient and affordable as possible. We see ourselves as not just a financer, but your partner in acquiring your new home in Abu Dhabi, Dubai and Ras Al Khaimah. Here are answers to questions you might have about a RAKBANK Home Finance.

No, you do not have to be an existing customer to apply

RAKBANK currently finances various projects in Dubai, Abu Dhabi and Ras Al Khaimah by select developers, as mentioned earlier

Yes; Selected Commercial properties in Dubai subject to approval

All UAE residents (salaried or self-employed, UAE Nationals or Expatriates) can apply for a home finance. Home finances are however granted at the sole discretion of the bank. Non-residents can also apply.

This depends upon your individual financial status. RAKislamic offers high home finance amounts for the approved properties.

We currently offer a variable/fixed rate of  which is calculated on a reducing balance. Our rates vary based on the following customer profiles:


• Salary Transfer to RAKBANK 

• Non-Salary Transfer to RAKBANK 

Self Employed

• With Audited Financial Reports

• Without Audited Financial Reports

UAE Residence Status

• Residents

• Non-Residents

Yes, the following age criteria apply – Minimum age upon finance application is 21 years. Maximum age upon finance maturity – 65 years or retirement age whichever is lower for salaried customers and 70 years for self-employed customers.

UAE Nationals and Expatriates are eligible for a maximum of 25 years subject to age criteria mentioned above

Yes, it is important for all co-owners of the property to be co-applicant. All co-applicant must be either blood relatives or married.

Yes, the bank can consider this. However, all the people whose income will be considered will have to be co-applicants to the finance.

Yes there is a minimum salary requirement for home finance eligibility. For further details, please contact us

Currently Home Finances  are offered to both salary and non-salary transfer customers.

Yes. Life and Property Takaful are both mandatory requirements when taking a Home Finance

We currently offer a hassle free competitive life Takaful cover to our Home Finance customers which covers your home finance outstanding under the following unfortunate eventualities:

o Death

o Permanent Total Disability

Our property Takaful cover protects your home against natural calamities.

Charges associated with processing Home Finance  include but are not limited to Home finance Processing Fee, Takaful Premiums, Home Finance and Property Registration charges, Valuation Fee (if applicable).


In line with the UAE’s Value Added Tax (VAT) implementation from 1st January 2018, VAT at the rate of 5% will be levied on RAKBANK’s fees and charges specified herein, wherever applicable and as per UAE law.

Yes, your property and Home Finance need to be registered with the Land Department. For further details, please contact us.