Frequently Asked Questions

The Home in One facility allows you the flexibility to combine your Mortgage facility and deposits into one convenient transactional account. 

You can use the non-interest bearing current account for your everyday banking needs. Transfer your salary, deposit your surplus funds, pay your bills and perform online transactions. 

Therefore the more funds you maintain in the account the less interest you pay. At any time these funds can be used by you.

UAE residents can apply for the mortgage facility on residential or commercial property. Salaried and self-employed residents are eligible to apply for the facility subject to provision of required documentation and at the sole discretion of RAKBANK.

• The Home in One Current Account will work as your primary account which you can use for all transactions in the month including but not exclusive to salary transfers, parking of excess funds and daily expenses.
• The inherent working of the account allows you to net off your Home In One facility outstanding with any deposits you make in your account for interest calculation. The interest is charged only on the resulting balance. 

There will be a monthly charge of AED 25. The detailed list of charges and fees for the Home In One account is available at our branches or Please click here to view the Service and Price guide.

Disclaimer: 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.

This account can be used like a regular current account for your day to day banking needs which include issuance of cheques, Credit Card payments, salary transfer, remittances, utility bill payments etc. You can withdraw your money at any time without any restrictions or charges.

The Home in One facility allows you to buyout your existing mortgage loan with another Bank. We can request our Mortgage Helpdesk to contact and assist you with your queries or alternatively you can write to us at Mortgage.queries@rakbank.ae .

Interest is calculated daily on the balance of your Home in One facility account and debited monthly on the due date.  

No Interest will be paid on the credit balance in your account

Yes, you may change the minimum payments, Tenor, Interest Rate and Due Date of Home in One by visiting any of our mortgage centres and providing a Mortgage Services Form duly filled in and signed by the all the applicants to the account. Charges will be applied as per the Bank’s published Service & Price guide.

Yes, this facility can be availed by joint account holders.

• Debit Card and Cheque book
• Pre-approved Credit Card
• Internet and Mobile banking
• Access to our ATM network
• If your loan amount exceeds AED 2.5 Mio you will also be eligible for our RAKBANK Elite offering.

Yes, a monthly statement will be provided to you for your facility. You will also be able to view your transactions including available balances on Internet and Mobile banking.

You will be receiving a monthly statement that will help with reconciliation of your payments and also indicate the interest charged towards the facility. 

Yes, you are able to check your Available Balance across Internet, Mobile Banking and on the ATM.

Yes, Home in One is available for under construction properties.

How is the interest applied on the facility?
Interest will be calculated on a daily balance and applied monthly on the repayment due date.

Is the interest rate fixed or variable/ linked to the EIBOR?
Variable rate from day one linked to 3 Months EIBOR +Margin as well as Fixed rate followed by 3 Months EIBOR +Margin available.

Interest will not be paid on the credit balance in the account.

We are working towards enhancing our product and making it available under Islamic as well. 

Yes, you may setup multiple Home In One accounts, one for each property. However the account works best to give you interest advantage if used as a primary account where your salary / income gets transferred.

To apply for this product, you will need to submit the application form duly signed by the applicant(s), passport copies with valid visa page and other documents as required by the Bank to evaluate the applicant’s eligibility.

UAE residents can apply for the Home in One.

Please contact your mortgage advisor for further details or email us on Mortgage.queries@rakbank.ae