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  • RAKdirect Number 600 54 4049
  • Phone Banking 042130000

Frequently Asked Questions

1. I heard about RAKBANK’s Home In One product and want to understand more about it.

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.

2. What are the eligibility criteria for the Home In One account?

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.

3. How does the Home in One account function?
  • 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. 
4. What are the fees and charges applicable on the account?

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.

5. Can I withdraw funds that I have deposited into this facility if I need to? Are there any charges to this?

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.

6. Can buyout my existing home loan with another Bank in the UAE under the Home in One facility?

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 .

7. How will interest apply on this facility?

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

8. Is it possible to change the EMI, Tenor, Interest Rate and Due Date of the facility and how can do this? Are there any charges to this?

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.

9. Can this facility be availed by joint account holders?

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

10. What are the other features or benefits of this facility?
  • 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.
11. Will I get a monthly or periodic statement so that I can track the payments / transactions on the facility?

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.

12. How can I reconcile the payments and transactions and interest applications on the loan?

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

13. Can I view the facility on Internet / Mobile banking / ATM?

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

14. Is the product available for under construction properties?

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

15. I have the following queries regarding the interest applicable on the facility?

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.

16. Will I get / paid interest for the credit balance in my account?

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

17. I have a RAKBANK Islamic account. Can I avail of the Home in One facility under this account?

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

18. Can I have this facility set up for multiple properties?

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.

19. I would like to apply for the Home In One facility . What are the documents that you will require?

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.

20. I am a non-resident customer of RAKBANK and would like to apply for your Home in One Product.

UAE residents can apply for the Home in One.

21. Can I convert my existing mortgage loan to the Home in One?

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

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