Sobha Realty, a luxury real estate developer, has signed a Memorandum of Understanding (MoU) with Rakbank, the National Bank of Ras Al Khaimah. This agreement aims to provide home financing solutions to eligible buyers of Sobha properties.
The MoU outlines a framework for Rakbank to offer preferential and competitive mortgage options to Sobha customers purchasing eligible freehold residential properties. This partnership underscores both organisations’ shared commitment to simplifying, enhancing transparency, and prioritising customer needs in the home-buying process.
Under this partnership, eligible customers who purchase ready Sobha properties in Dubai and Abu Dhabi can apply for financing right away, provided they meet Rakbank’s eligibility criteria and receive approval.
For selected off-plan properties in Dubai, financing becomes available once the customer has paid at least 50% of the property’s value and has reached a specified construction milestone. This offers customers greater flexibility by allowing them to access financing at various stages of their property purchase.
As part of the collaboration, Rakbank representatives will be present at select Sobha premises to provide customers with direct support, respond to financing queries and guide buyers through the mortgage application process. By bringing banking expertise closer to the point of purchase, the partnership aims to make the financing journey more convenient and easier to navigate.
Home financing solutions will be extended to eligible non-resident buyers for ready residential properties, including Golden Visa holders, further supporting the UAE’s appeal as a destination for international property ownership and long-term investment.
Francis Alfred, Managing Director, Sobha Realty, said, “Homeownership is one of the most important financial decisions a customer will make, and access to reliable, transparent and well-structured financing plays a critical role in that journey.”
“Our partnership with Rakbank reflects Sobha Realty’s commitment to enhancing the customer experience by providing buyers with greater financial clarity, convenience and confidence when purchasing a Sobha property.”
“As demand for high-quality residential communities continues to grow across the UAE, collaborations of this nature support a more seamless home-buying process while reinforcing long-term confidence in the real estate sector.” he concluded.
Shehzad Hameed, Managing Director, Retail Banking, Rakbank, said, “Buying a home is a significant milestone, and the financing journey should give customers clarity and confidence at every step. Our partnership with Sobha Realty brings together quality residential communities and accessible home financing solutions to make that journey simpler and more convenient for eligible buyers.”
“By having Rakbank representatives available at select Sobha premises, customers will be able to receive guidance and explore their financing options closer to the point of purchase. This reflects how we want to support our customers: combining convenient access with the reassurance of knowledgeable, human support.”
“Customers can also benefit from our unique Home in One mortgage, where savings held in a linked account can help reduce mortgage interest rate, enabling homeowners to get more value from their mortgage while maintaining access to their funds.”
“The partnership also enables us to serve a broad range of eligible buyers, including residents, non-residents and Golden Visa holders, while supporting continued investment in the UAE’s residential property market.” he added
Sobha Realty is known for its Backward Integration model, which involves managing key aspects of the development value chain, such as design, engineering, construction, interiors, quality control, and delivery, in-house.
With five decades of development expertise within the Group and a growing portfolio of luxury communities across the UAE, Sobha Realty remains committed to delivering residences characterized by craftsmanship, consistency, delivery certainty, and long-term value for homeowners and investors.
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