Sobha Realty, a leading luxury real estate developer, has signed an agreement with Rakbank, the National Bank of Ras Al Khaimah, to provide home financing solutions to eligible buyers of its properties.
The partnership reflects both organisations’ commitment to creating a simpler, more transparent and customer-focused home-buying journey.
The MoU establishes a framework through which Rakbank will offer preferential and competitive mortgage solutions to Sobha customers purchasing eligible freehold residential properties, it stated.
Under the partnership, 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 once the customer has paid at least 50% of the property value and on achievement of prescribed construction milestone. Customers will benefit from enhanced flexibility by enabling them to access financing at different stages of their property purchase, it stated.
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, it added.
On the partnership, Francis Alfred, Managing Director of 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," he stated.
“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 added.
Shehzad Hameed, Managing Director, Retail Banking at 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," he added.-TradeArabia News Service
