UK Mortgage Loan
Investing in UK property has never been easier, thanks to the new UK Mortgage from RAKBANK.
Limited Time Offer (valid till 31st May 2022)
Enjoy interest rate starting 4.24% p.a. fixed for 2 years and attractive discount on Loan Processing Fee.
Enjoy all these benefits (valid till 30th June 2022)
- Competitive interest rates for Salaried and Self-employed customers: 4.24% p.a. fixed for 2 years followed by 3month EIBOR + 2.24% and for SPV/Company lending: 4.75% p.a. fixed for 2 years followed by 3month EIBOR + 2.99%.
- Attractive Loan Processing Fees of AED 5,000 only per application irrespective of the Loan Amount.
- Attractive discounts on Life Insurance at 0.0242% p.m. + VAT as applicable
- Enjoy expert legal opinion through the Bank’s appointed lawyers
- Mortgage available for buy-to-let for non-family members, ready properties – Freehold & Leasehold in all major cities in England & Wales
- Protection against currency fluctuation – pay your loan in AED. Loan will be disbursed in AED and monthly instalment will be paid in AED which is protecting you from any foreign currency fluctuation
- No In Principle Approval Fee (IPA)
Eligibility Criteria:
- Mortgage available for all UAE residents including below customer segments:
• UAE Citizens (Nationals) (Salaried and Self Employed)
• Expatriate Workers (Individuals and with valid residence visa and work permit in the UAE) –(Salaried and Self Employed).
• Companies owned by UAE Nationals & Expats registered in UAE
• Special Purpose Vehicles (SPV) - Offshore company set up specifically for the purpose of holding the property - Minimum Income required for Salaried Individuals AED 30,000 \ Month (Single and Joint Expats) and AED 25,000 \ Month (UAE Nationals)
- Minimum Income required for Self Employed Individuals \ Business Customers >= AED 50,000
- Maximum Loan Amount up to up to AED 10 Mio for Salaried Individuals and AED 13 Mio for Self Employed / Businesses
Risks & Limitations
- No deferrals of instalments are allowed on this Loan.
- If you fail to make any payment due under the Loan or otherwise breach our terms, you will lose the property mortgaged to the Bank as a result of the mortgage enforcement proceedings that we may take.
Customer Obligations
You need to:
- Pay all installments and other amounts due on the due dates without delay;
- Review all other terms & conditions set out in the application form in detail;
- Regularly check our website (www.rakbank.ae) for updates;
- Notify the Bank in writing if there is a change in your employment or income details, contact details, residential status, identification details, financial details or any other material information as declared in the application form; and
- Notify the Bank in writing if you wish to prepay your loan prior to its maturity.
- Transfer your salary to the bank and comply with all documentary and registration requirements as mentioned in the final offer letter.
- Comply with all requirements as per undertakings like Letter of Undertaking & Consent, etc.
Key Terms & Conditions
- The Bank may amend the features, fees, charges, terms & conditions of the Loan on 60 days’ notice to you in advance.
- The Bank may amend the interest rates for the Loan on 30 days’ notice to you in advance.
Warnings:
- If you settle your Loan before the availed tenure, you will pay prepayment charges at the rates described in the Service and Price Guide.
- If you are late in payment or fail to make a payment on the due date, you will pay default interest at the rates described in the Service and Price Guide.
- If you fail to make a payment or otherwise breach the Loan terms, this will be a default and the Bank will be entitled, among other things, to:
- (a) Cancel the Loan and demand full repayment immediately;
- (b) Report the default to the appropriate regulatory authorities including the UAE Central Bank and Al Etihad Credit Bureau and credit rating agencies, which will affect your credit rating;
- (c) Bring legal proceedings against you and repossess the mortgaged property.