Sobha Realty and Rakbank have signed a memorandum of understanding to offer home financing solutions to eligible buyers of Sobha’s residential properties across Dubai and Abu Dhabi.
Under the agreement, Rakbank will provide preferential mortgage terms to customers purchasing ready freehold Sobha properties. For selected off-plan developments in Dubai, financing becomes available once the buyer has paid at least 50 per cent of the property value and construction has reached prescribed milestones.
The arrangement is designed to give buyers the option to access financing at different stages of the purchase process.
To reduce friction at the point of sale, Rakbank representatives will be placed at select Sobha premises to handle queries and guide buyers through mortgage applications directly. Rakbank’s participating products include its Home in One mortgage, which allows savings held in a linked account to offset mortgage interest, giving borrowers more flexibility over their funds.
The partnership also extends to non-resident buyers of ready residential properties, including Golden Visa holders, which Sobha Realty frames as supporting the UAE’s position as a destination for international property ownership.
“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,” Francis Alfred, Managing Director of Sobha Realty said in a statement.
“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,” Shehzad Hameed, Managing Director, Retail Banking at Rakbank added.
