Rinse a larger saucepan with cold water, don't dry it. Combine rice, water, milk, a pinch of salt in the pot. Bring to a very gentle boil, lower the heat, and simmer, covered, for about 15 minutes, stirring a few times in between.
Add sweetened condensed milk, raisins, cinnamon, and nutmeg. Stir to combine. Continue simmering, uncovered, for about 10 minutes, stirring often. Check if the rice is tender after 5-7 minutes already, the cooking time also depends on the sort of rice you are using.
Stir in the vanilla extract.
Check the rice, it should be soft and creamy, but not mushy.
Let stand, covered, for 10 minutes before serving.
Video
Notes
White rice, either long or medium-grain. Arborio, Basmati, or Jasmin are also good choices. Using instant or quick-cook rice is not recommended.