Rakbank launches mortgage promotion, with low interest rates in Abu Dhabi

Customers who sign up for a mortgage finance deal with the bank anytime before end of June will have home loans with interest rates as low as 7.49%, down from the previous rate of 8.3%, and among the most competitive in the market. The interest rate varies depending on type of employment and loan amount.

The promotion applies to UAE Nationals, Residents and Non-Residents purchasing existing and upcoming residential freehold projects, including those on Al Raha Beach and Yas Island by Aldar, and the Shams project on Reem Island by Sorouh.

Buyers who sign up for a mortgage deal during Cityscape Abu Dhabi or any time before end of April will also get exclusive benefits, with lower loan processing fees and the added flexibility to settle 20% of the loan free of cost once a year, if interested in the option of early settlement.

Following its entry last year into Abu Dhabi's property landscape, Rakbank is looking to make its mark on the capital this year and develop more partnerships with the city's leading developers to offer finance for a larger number of properties. The bank offers up to 90% mortgage finance and up to a 25 year loan tenure from applicants, amongst other criteria.

"With this promotion, Rakbank is offering the most competitive interest rates on mortgage finance in the market," says General Manager, Graham Honeybill. "We were one of the first conventional banks to offer mortgage finance in Dubai over four years go, and quickly built a reputation for fast and flexible service. We aim to similarly establish ourselves this year as a leading mortgage provider in Abu Dhabi with a very competitive offering."