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Abu Dhabi, United Arab Emirates
Sobha Realty has signed a Memorandum of Understanding (MoU) with Ras Al Khaimah National Bank (RAKBANK) to provide mortgage solutions on preferential terms to eligible buyers to purchase residential properties in Shuba projects in Dubai and Abu Dhabi, including ready-made units and a selection of properties on the map, with financing available to non-residents in the UAE under specific conditions.
Under the agreement, eligible buyers can apply for financing to buy ready-made residential properties in Shuba projects in Dubai and Abu Dhabi directly, while financing the purchase of selected units on the map in Dubai is required to pay at least 50% of the value of the property, and the project reaches a specific construction stage.
All financing applications are subject to RAKBANK’s eligibility and creditworthiness criteria and final approval.
Terms of financing the purchase of real estate in Shuba projects on the map
The agreement allows eligible buyers to obtain preferential mortgage solutions to purchase freehold residential units within the Shuba projects covered by the cooperation.
The financing conditions vary depending on the condition of the property, as the financing can be applied for directly when purchasing a qualified ready-made housing unit in Dubai or Abu Dhabi, while real estate financing is limited to the map on a selection of units in Dubai.
This category is required to pay the buyer at least half of the value of the property, in addition to the completion of the project the construction phase required by the bank.
The names of the covered Shuba projects or the maximum mortgage rate have not been determined, nor have interest rates, repayment periods or bank fees associated with loans been announced.
Financing the purchase of Shuba real estate for non-residents in the UAE
RAKBANK’s mortgage solutions include qualified non-UAE buyers, including holders of golden residency, to purchase ready-made residential properties within the agreement’s Shuba projects.
This allows non-state buyers to apply for mortgage financing to purchase ready-made units, provided that the bank’s requirements are met and credit approval is obtained.
For more Information contact: www.dxrprop.ae
Call/WhatsApp: +971501090635
Email: alnashra2013@gmail.com
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