Sobha Realty has signed a Memorandum of Understanding (MoU) with Rakbank, the National Bank of Ras Al Khaimah, to offer preferential home financing solutions to eligible buyers purchasing Sobha residential properties across the UAE.
Under the partnership, Rakbank will provide competitive mortgage solutions to eligible customers purchasing ready and selected off-plan freehold residential properties developed by Sobha Realty. The arrangement is aimed at simplifying the financing process and giving buyers greater access to mortgage guidance closer to the point of purchase.
Eligible customers purchasing ready Sobha properties across Dubai and Abu Dhabi will be able to apply for financing immediately, subject to Rakbank’s eligibility criteria and approval.
For selected off-plan properties in Dubai, financing will be available after buyers have paid at least 50% of the property value and the prescribed construction milestone has been achieved. The arrangement will allow eligible customers to access financing at different stages of their property purchase.
As part of the MoU, Rakbank representatives will be stationed at select Sobha Realty premises to assist prospective buyers with financing-related queries and guide them through the mortgage application process. The bank will provide information on available financing options and eligibility requirements directly to customers.
The financing solutions will also be available to eligible non-resident buyers purchasing ready residential properties, including Golden Visa holders. The partnership is expected to support international buyers seeking to purchase residential property and invest in the UAE.
Francis Alfred, Managing Director of Sobha Realty, said access to reliable and transparent financing was an important part of the home-buying 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,” Alfred said.
He added that as demand for residential communities continued to grow across the UAE, such partnerships could help make the home-buying process more seamless while supporting confidence in the real estate sector.
Shehzad Hameed, Managing Director, Retail Banking at Rakbank, said the partnership would give eligible buyers greater clarity and convenience throughout the financing process.
“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,” Hameed said.
The bank will also offer eligible customers access to its Home in One mortgage product, under which savings held in a linked account can help reduce mortgage interest costs while allowing borrowers to retain access to their funds.
The partnership covers eligible resident and non-resident buyers, including Golden Visa holders, and comes amid continued interest from domestic and international buyers in the UAE’s residential property market.
Sobha Realty operates an integrated development model covering design, engineering, construction, interiors, quality control and delivery in-house. The company has five decades of development experience within the group and a portfolio of luxury residential communities across the UAE.
