Sobha Realty has entered into a Memorandum of Understanding (MoU) with Rakbank, aimed at providing preferential home financing solutions for buyers of Sobha properties. This partnership is designed to enhance the home-buying experience by offering competitive mortgage options to eligible customers purchasing freehold residential properties in Dubai and Abu Dhabi.
Under the terms of the MoU, Rakbank will facilitate immediate financing for customers acquiring ready Sobha properties, contingent upon meeting the bank’s eligibility criteria. For selected off-plan properties, financing will be accessible once buyers have paid at least 50% of the property’s value and reached a specified construction milestone. This structure aims to provide greater flexibility for buyers at various stages of their property acquisition.
As part of the collaboration, Rakbank representatives will be stationed at select Sobha locations to assist customers directly, addressing financing inquiries and guiding them through the mortgage application process. This initiative is intended to streamline the financing journey, making it more convenient for buyers.
The financing solutions will also extend to eligible non-resident buyers, including Golden Visa holders, further enhancing the UAE’s attractiveness as a destination for international property investment. Francis Alfred, Managing Director of Sobha Realty, emphasized the importance of reliable financing in the home-buying process, stating, “Our partnership with Rakbank reflects Sobha Realty’s commitment to enhancing the customer experience by providing buyers with greater financial clarity, convenience, and confidence.”
Shehzad Hameed, Managing Director of Retail Banking at Rakbank, noted that the partnership aims to simplify the home-buying journey by combining quality residential communities with accessible financing solutions. He highlighted the unique Home in One mortgage, which allows customers to reduce their mortgage interest rate through savings held in a linked account, thereby maximizing the value of their mortgage while retaining access to their funds.
This collaboration is expected to support continued investment in the UAE’s residential property market, reinforcing confidence in the sector as demand for high-quality residential communities grows. Sobha Realty, known for its integrated development model, continues to focus on delivering luxury residences characterized by craftsmanship and long-term value for homeowners and investors.
For more details, refer to ME Construction News.
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