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Sobha Realty and Rakbank sign a home-financing agreement in Dubai: mortgages on ready homes in Dubai and Abu Dhabi, open to non-residents and Golden Visa holders, and on selected Dubai off-plan homes after 50% is paid

Sobha Realty said in a release dated 12 October 2026 that it has signed a memorandum of understanding with Rakbank, the National Bank of Ras Al Khaimah, to provide home financing to eligible buyers of its properties. Buyers of ready Sobha homes in Dubai and Abu Dhabi can apply for financing immediately, subject to the bank's eligibility criteria and approval. For selected off-plan homes in Dubai, financing becomes available once the buyer has paid at least 50% of the property value and a prescribed construction milestone is reached. Financing on ready homes is also extended to eligible non-resident buyers, including Golden Visa holders, and Rakbank representatives will be present at selected Sobha premises. The release gives no interest rate, loan-to-value ratio or fee.

Al Mithaq news desk · Published 13 October 2026 · Source: Sobha Realty press release

Computer-generated aerial image of Dubai Creek Harbour, an Emaar community in Dubai: white mid-rise apartment buildings with rooftop gardens on a turquoise creek, with boats, a promenade and a sandy beach. Picture: computer-generated image, Emaar, Dubai Creek Harbour (an Emaar community, not a Sobha project)

12 October 2026memorandum of understanding signed in Dubai by Sobha Realty and Rakbank

50%of the value paid before financing on selected Dubai off-plan homes, which is also the Central Bank ceiling for any off-plan mortgage

25 yearsmaximum mortgage term under the UAE Central Bank regulation

What was signed

In a release dated Dubai, 12 October 2026, Sobha Realty said it has signed a memorandum of understanding with Rakbank, the National Bank of Ras Al Khaimah, to provide home financing solutions to eligible buyers of Sobha properties. The MoU sets a framework under which Rakbank offers what the release calls preferential and competitive mortgage solutions to Sobha customers buying eligible freehold residential properties. 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." Shehzad Hameed, Managing Director of 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."

Ready homes, off-plan homes and non-residents

Eligible customers buying ready Sobha properties in Dubai and Abu Dhabi can apply for financing immediately, subject to Rakbank's eligibility criteria and approval. For selected off-plan properties in Dubai, financing is available once the customer has paid at least 50% of the property value and a prescribed construction milestone has been reached. The release says home financing will be extended to eligible non-resident buyers for ready residential properties, including Golden Visa holders. Rakbank representatives will be present at selected Sobha premises to answer financing queries and guide buyers through the mortgage application. Hameed also pointed to the bank's Home in One mortgage, in which savings held in a linked account can help reduce the mortgage interest rate.

The Central Bank rules behind the 50%

The 50% threshold comes from the Central Bank of the UAE's Regulations Regarding Mortgage Loans (Circular 31/2013), which the bank's rulebook lists as in force. Article 3 caps the loan on any property bought off plan at 50% of the value, regardless of purpose, value or category of purchaser. For completed homes it sets separate ceilings: an expatriate's first home can be financed up to 80% of the value below AED 5 million and 70% above it, and a second home or investment property up to 60%; the ceilings for UAE nationals are 85%, 75% and 65%. The maximum term is 25 years, all debt repayments must stay within 50% of income, an expatriate's total financing is capped at seven years' annual income, and repayment must come from salary or verifiable business or rental income. The regulation defines its categories as UAE nationals and expatriates; it gives no separate ratio for a buyer who does not live in the UAE.

What the release does not say

The release gives no interest rate, no loan-to-value ratio, no fee and no list of the Sobha projects covered. It names non-resident buyers only for ready homes and does not say whether they qualify for the off-plan financing, and it does not give the construction milestone at which off-plan financing starts. It is a memorandum of understanding between a developer and a bank, not a Central Bank or Dubai Land Department rule, so it changes nothing in what other banks or developers offer. We will update this story if Sobha or Rakbank publish the terms.

Why it mattersFor a buyer living in Kuwait, the useful line in this release is that a UAE bank is prepared to lend to a non-resident at all, and the useful limit is that it says so only for ready homes. Four points. First, the 50% on off-plan homes is not a Sobha offer but a Central Bank rule: its mortgage regulation caps a loan on any off-plan property at 50% of the value, whoever the buyer is, so plan the first half as your own money on any Dubai or Abu Dhabi off-plan home, from any developer. Second, the same regulation sets loan limits for UAE nationals and for expatriates and gives no separate figure for a buyer who does not live in the UAE, so what a non-resident can borrow, and at what rate, is each bank's own decision; this release gives no rate, no loan-to-value ratio and no fee, and does not say whether non-residents qualify for the off-plan financing. Ask the bank for its non-resident terms in writing before you pay a booking fee. Third, the regulation requires repayment from salary or verifiable business or rental income over at most 25 years, with all debt payments within half of income, so have your Kuwait income documents ready before you apply. Fourth, a Golden Visa comes from the property, not from the mortgage: Dubai Land Department's service lets an investor who owns property bought for AED 2 million or more apply for it, and its page says a mortgaged property is accepted when the bank's no-objection letter shows the paid amount and the balance, with at least AED 2 million paid; our guide linked below explains the conditions.

What Al Mithaq adds

Al Mithaq does not represent Sobha Realty; we report the agreement because it shows what a UAE bank now offers a buyer who lives abroad. In Dubai we represent Emaar's communities, including Dubai Creek Harbour and Dubai Hills Estate, and the Central Bank's 50% off-plan ceiling and 25-year limit apply to those homes in the same way. Our project page lists the six communities with prices on request, and before you reserve, our team in Kuwait asks the developer which banks finance a buyer living in Kuwait on that home and brings you their written terms.

Sources

Key facts

Agreement: Memorandum of understanding, Sobha Realty and Rakbank (National Bank of Ras Al Khaimah), Dubai, 12 October 2026
Ready homes: Dubai and Abu Dhabi; apply immediately, subject to Rakbank's eligibility criteria and approval
Off-plan homes: Selected projects in Dubai; after at least 50% of the value is paid and a prescribed construction milestone is reached
Non-residents: Eligible non-resident buyers, including Golden Visa holders, for ready residential properties
At Sobha's premises: Rakbank representatives at selected Sobha premises
Central Bank ceilings: Circular 31/2013, Article 3: off-plan 50% for every buyer; expatriates 80% / 70% / 60% on completed homes; maximum term 25 years; debt repayments within 50% of income
Not stated: Interest rate, loan-to-value ratio, fees, covered projects, and whether non-residents qualify for the off-plan financing