Sobha Realty Partners with RAKBANK to Expand Mortgage Options for UAE Homebuyers
The agreement aims to simplify property financing for eligible buyers of ready homes and selected off-plan developments, with support available at designated Sobha locations.
Sobha Realty has entered into a strategic agreement with RAKBANK to provide home financing options for eligible customers purchasing residential properties developed by Sobha in the UAE. The partnership is designed to make the mortgage process more accessible and convenient for both resident and international buyers.
Under the memorandum of understanding (MoU), RAKBANK will offer preferential mortgage solutions for eligible freehold residential properties, subject to the bank’s lending requirements and approval procedures.
Mortgage Options for Completed Homes and Selected Off-Plan Developments
Buyers interested in ready Sobha properties in Dubai and Abu Dhabi can apply for home financing immediately, provided they meet RAKBANK’s eligibility conditions.
For selected off-plan developments in Dubai, mortgage financing will become available after buyers have paid at least 50% of the property’s value and the required construction milestone has been reached. This arrangement offers eligible purchasers additional flexibility in managing their property payments during the buying process.
The agreement also introduces in-person assistance at selected Sobha premises, where RAKBANK representatives will help prospective buyers understand available mortgage options, address financing-related questions and navigate the application process.
International Buyers Also Included
The partnership extends financing opportunities to eligible non-resident purchasers of ready residential properties. Golden Visa holders are also included among the potential beneficiaries, subject to the bank’s applicable eligibility requirements.
By catering to both UAE residents and overseas buyers, the initiative supports access to the country’s residential property market and could help simplify the process for international customers looking to purchase a home in the Emirates.
RAKBANK Highlights Its Mortgage Offering
As part of the collaboration, RAKBANK has highlighted its Home in One mortgage product. The facility allows customers to use savings held in a linked account to help reduce mortgage interest costs while retaining access to their funds, subject to the product’s terms and conditions.
The bank said the partnership is intended to bring financing guidance closer to the property-buying process, allowing eligible customers to explore their options with assistance from banking representatives at selected developer locations.
Sobha Realty Continues to Expand Its UAE Residential Portfolio
Sobha Realty operates across the UAE’s residential property sector, with a portfolio that includes master-planned communities and luxury developments. The company follows a backward integration model, managing key stages of development, including design, engineering, construction, interiors and quality control through its in-house capabilities.
Its UAE portfolio includes Sobha Hartland and Sobha Siniya Island, alongside other residential developments.
The agreement with RAKBANK adds a financing component to Sobha’s homebuyer offering. For prospective purchasers, the availability of mortgage guidance at selected sales locations could make it easier to understand financing requirements before committing to a property purchase.
The partnership brings together residential development and banking services, with the aim of providing eligible buyers with a more straightforward route to financing homes in Dubai and Abu Dhabi.
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