Ras Al Khaimah – MENA Herald: RAKBANK today launched – “Home in One” – a first of its kind Home Loan facility in the GCC that not only offers customers competitive interest rates that start at 3.49% per year, but also helps them pay off their mortgage loan much sooner.
Home in One is a Combo product that brings together a customer’s current account and mortgage loan, making it easier to manage, with a range of benefits.
Speaking at the launch of Home in One, Peter England, RAKBANK CEO said: “RAKBANK is always innovating and revolutionizing the financial landscape in UAE. The launch of Home in One provides our customers a mortgage facility which is flexible, pays interest and reduces the loan tenor.”
All a customer needs to do is to maintain a balance in their Home in One account. The higher the account balance, the less interest customers pay on their mortgage facility every month. With every deposit the customer makes, it lowers their interest payments thereby reducing their loan tenor. If the customer maintains additional funds in their account, there are effectively no fixed repayments.
The Home in One account also comes with maximum flexibility so customers can use it for all their daily banking needs like transferring their salary, maintaining their savings, withdrawing cash, paying their bills with all the facilities of a current account such as Debit Card, cheque book, and access to Online and Mobile banking applications.
UAE residents, both salaried and self-employed, are eligible to apply for the Home in One facility to purchase or refinance residential property.