Sobha and RAKBANK Sign Preferential Mortgage Financing Agreement in Dubai and Abu Dhabi

Sobha Realty and RAKBANK have signed a Memorandum of Understanding (MoU) regarding granting eligible buyers preferential mortgage terms on Sobha properties, as reported by GCC Business News.

The terms of the memorandum apply to Sobha's freehold properties in both Dubai and Abu Dhabi, and the financing covers ready homes whose purchase can be financed immediately.

Selected units within off-plan projects become eligible for financing after paying at least 50% of the unit's value and reaching a specific construction milestone. Non-resident buyers and Golden Visa holders also benefit from these terms.

This agreement adds to ongoing momentum in the UAE mortgage sector, as banks and developers expand options for borrowers, benefiting buyers and investors seeking flexible financing terms.

What do these terms mean?

Memorandum of Understanding (MoU): A preliminary agreement between two parties expressing an intention to cooperate jointly, without rising to the full commitments of a final contract.

Freehold Properties: Properties that non-citizens are permitted to fully own in designated areas of Dubai and Abu Dhabi.

Golden Visa: A long-term residency granted by the UAE to investors and specialized talents, whose holders benefit from facilities in purchasing and financing real estate.