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Frequently Asked Questions

Mortgage Home Loans

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.

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, personal loan)?
  • 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 mortgage 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 centre? 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.

RAKBANK currently offers mortgage 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

Now it’s time to talk to the property consultants or property developers 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:

  • Are there any Banks/Financial institutions offering Mortgage on the property of your choice?
  • Does it have sufficient electrical outlets and telephone sockets and are they in the appropriate places?
  • 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 tape measure for this purpose)?
  • Are there enough windows for light and ventilation?
  • Does the building afford you enough privacy?
  • 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 property developer such as ‘What are the potential problems and maintenance issues?’ Be sure the property developer’s answers are clear and complete. Ask questions until you understand all of the information they’ve given.

A mortgage is broadly defined as a loan obtained to purchase property. The ‘mortgage’ itself is a lien (a legal claim) on the home or property that secures the promise to pay the debt. All mortgages consist of the principal amount borrowed and the interest which is owed over time on that principal amount.

Mortgage 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 payments. The mortgage institution also considers cash available for down payment, credit history, age, etc. when determining your maximum loan amount.

The larger your down payment, the less you will need to borrow, 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 amount of the down payment, the size of the mortgage loan, the interest rate, the length of the repayment term and payment schedule will all affect the size of your monthly mortgage payment.

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

It takes RAKBANK upto 14 working days to evaluate your loan 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 making the home buying process as easy, convenient and affordable as possible. We see ourselves as not just a lender, 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 Mortgage Loan.

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 loan. Loans are however granted at the sole discretion of the bank. Non-residents can also apply.

This depends upon your individual financial status. RAKBANK offers high loan amounts for the approved properties.

We currently offer a variable/fixed rate of interest which is calculated on a reducing balance. Our interests 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 loan application is 21 years. Maximum age upon loan 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-borrowers. All co-borrowers 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-borrowers to the loan.

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

Currently mortgage loans are offered to both salary and non-salary transfer customers.

Yes. Life and Property insurance are both mandatory requirements when taking a mortgage loan with RAKBANK.

We currently offer a hassle free competitive life insurance cover to our mortgage customers which covers your loan outstanding under the following unfortunate eventualities:

  • Death
  • Permanent Total Disability

Our property insurance cover protects your home against natural calamities.

Charges associated with processing a mortgage loan include but are not limited to Loan Processing Fee, Insurance Premiums, Mortgage and Property Registration charges, Valuation Fee (if applicable).

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

When applying for a RAKBANK Mortgage Loan, you will need the following documents:

Identification Documents

  • Passport
  • Labour Card (if applicable)
  • Khulasat Qaid (if applicable)

Financial Documents

Salaried customers

  • Current dated salary certificate addressed to RAKBANK (stating designation, length of employment, detailed breakdown of salary)
  • Other income documents e.g. tenancy contracts and title documents for rental properties
  • Salary bank account statements (reflecting last 6 salary credits in the account)
  • Other income account statements (last 6 months)

Self-employed customers

  • Audited financial statements (last 2 years)
  • Other income documents e.g. tenancy contracts and title documents for rental properties
  • Personal bank account statements (last 6 months)
  • Corporate bank account statements (last 6 months)
  • If un-audited financial statements - 12 months bank statements for both company and Personal accounts

Legal Documents (Self-employed customers only)

  • Copy of Trade License (at least one year LOB)
  • Copy of Chamber of Commerce Registration
  • Copy of Memorandum and Articles of Association
  • Copy of Certificate of Incorporation, Register of Shares and Power of Attorney (applicable for off-shore companies)

Property Documents

  • Copy of Sale/Purchase Agreement
  • Receipts of customer contribution and bank account statements validating this payment

Other Documents

  • Cheque for loan processing fee/valuation fees

Note: All documents have to be sighted in original by the Bank Staff in order to proceed with your loan application.

Yes. For further details, please contact us.

Yes, it is advisable. We at RAKBANK 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.