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Frequently Asked Questions
Home finance
31. What are the documents needed for a Home Finance?
When applying for a Home Finance , you will need the following documents:
Identification Documents
o Passport
o Labour Card (if applicable)
o Khulasat Qaid (if applicable)
Financial Documents
Salaried customers
o Current dated salary certificate addressed to RAKBANK (stating designation, length of employment, detailed breakdown of salary)
o Other income documents e.g. tenancy contracts and title documents for rental properties
o Salary bank account statements (reflecting last 6 salary credits in the account)
o Other income account statements (last 6 months)
Self-employed customers
o Audited financial statements (last 2 years)
o Other income documents e.g. tenancy contracts and title documents for rental properties
o Personal bank account statements (last 6 months)
o Corporate bank account statements (last 6 months)
o If un-audited financial statements - 12 months bank statements for both company and Personal accounts
Legal Documents (Self-employed customers only)
o Copy of Trade License (at least one year LOB)
o Copy of Chamber of Commerce Registration
o Copy of Memorandum and Articles of Association
o Copy of Certificate of Incorporation, Register of Shares and Power of Attorney (applicable for off-shore companies)
Property Documents
o Copy of Sale/Purchase Agreement
o Receipts of customer contribution and bank account statements validating this payment
Other Documents
o Cheque for home finance processing fee/valuation fees
Note: All documents have to be sighted in original by the Bank Staff in order to proceed with your home finance application. Is it possible to buy out an existing Home Finance? Yes. For further details, please contact us.
32. Is it possible to buy out an existing Home Finance?
Yes. For further details, please contact us
33. Is it possible to get a pre-approved Home Finance?
Yes, it is advisable. We at RAKislamic work out your maximum eligibility before you look for probable properties. Once approved you could look for the property that would be affordable. Charges are applicable.
34. How do I apply for a Home Finance?
You can lodge your Home Finance request by:
o Calling 04 213 0000
o To visit our Home Finance page and apply, click here
o Emailing us at Home Finance.queries@rakbank.ae
o You can also visit one of our Home Finance centers in the following locations:
Dubai
o Um Hurrair Branch (diagonally opposite Bur Juman Centre)
o Emaar Business Park Branch