Frequently Asked Questions

Home in One is a unique offering by the bank which combines a current account and a home loan. This means that you pay interest only on the outstanding loan amount net of the credit balances in your current account with the bank. So if you have a credit balance in the account, this is adjusted against the outstanding loan amount to calculate the interest you are charged. Therefore, you pay less or no interest depending upon the balances in your 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 loan and current account on residential or commercial properties. Salaried and self-employed residents are eligible to apply for the loan subject to the submission 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 loan outstanding with any deposits you make in your current account for interest calculation. The interest is charged only on the resulting balance.
• Principal payments are in line with your repayment schedule, Any funds that you maintain in your Home in One current account which is adjusted against the outstanding mortgage loan amount for the purpose of calculating the interest, cannot be used to avail a loan or further facility. Once the principal outstanding is reduced it cannot be redrawn

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 5% will be levied on RAKBANK's fees and charges specified herein, wherever applicable and per UAE law.

The Home in One current account can be used like a regular current account for your day-to-day banking needs, which include issuing cheques, credit card payments, salary transfers, remittances, utility bill payments etc. You can withdraw your money at any time without any restrictions or charges.

The Home in One Loan allows you to buy out your existing home loan with another bank. You can leave your details in the "Apply Now" section, and one of our mortgage specialists will call you back. Alternatively, you can write to us at [email protected].

Interest is calculated daily on the balance of your Home in One current 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, tenure, 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 all the applicants to the loan. Any such change requests are subject to the Bank’s policies. Charges will be applied per the bank’s published Service & Price guide.

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

• Debit card and chequebook
• Pre-approved credit card
• Internet and mobile banking
• Access to our ATM network
• If your loan exceeds AED 2.5 Million, you will also be eligible for our RAKBANK Elite offering.

Yes, a monthly statement will be provided for your current account. You can also view your transactions, including available balances and loan outstanding using internet or mobile banking.

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

Your monthly statements will help you understand the net balance on which interest is charged, your outstanding loan, and the available balance in your account. Please note that any overdue amount is not included. To check your overdue amount, please log in to digital banking.

Yes, you can check your available balance using our internet, mobile banking and ATM channels.

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

How is the interest applied to the loan?

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 Home in One current account.

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

Yes, you may take multiple Home in One loans, one for each property. However, the product works best to give you an 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, Emirates ID card and other documents as required by the bank to evaluate the applicant’s eligibility.

Only UAE residents can apply for Home in One.

Please contact your mortgage advisor or Relationship Manager for further details or email us at [email protected], and one of our specialists will contact you.