RAK Properties & RAKBANK Launch Off-Plan Home Financing

Buying a home requires a certain amount of upfront payment. RAK Properties and RAKBANK roll out a financing product specifically for buyers of off-plan and under-construction homes in Ras Al Khaimah.

The developer describes it as a first-of-its-kind arrangement for the emirate, and the pitch is straightforward: Make a home in Ras Al Khaimah easier to reach.

What is the new RAK Properties and RAKBANK financing solution?

Unlike a conventional mortgage, the product is structured around the different phases of a property purchase. Buyers start with an initial amount, then clear as per the construction and all the way to handover. Only requires meeting the eligibility criteria and the usual terms and conditions.

Off-plan buyers typically feel the most pressure, the long stretch between signing and moving in, when payments are cleared, but the property isn't yet finished.

RAKBANK and RAK Properties say customers can also get tailored offers and support at various points along that journey.

Which RAK Properties developments does the financing cover?

At launch, the financing covers 12 RAK Properties developments spread across the emirate. These include:

What are RAK Properties and RAKBANK saying about the deal?

Sameh Muhtadi, CEO of RAK Properties, framed the partnership as part of a broader push to lower the barriers to home ownership in the emirate.

"Our goal at RAK Properties is to make owning a premium residence in Ras Al Khaimah as attractive and easy as possible," he said. "By partnering with RAKBANK on this exclusive product, we're pleased to offer one of the most accessible home financing solutions on the market."

"This highly tailored and flexible financial pathway gives buyers total confidence from the off-plan stage all the way to handover," Muhtadi said. "With this first-of-its-kind solution, RAK Properties is setting a new benchmark within our Emirate real estate sector."

RAKBANK emphasis on the emotional weight of buying a home and the bank's role in easing that process. Raheel Ahmed, the bank's Group CEO, quoted "Buying a home is one of life's biggest milestones and, for many people, the fulfilment of a long-held dream. Our role is to help make that dream feel more achievable." 

He also added, "Through our partnership with RAK Properties, we are giving eligible customers greater flexibility and support throughout the journey, from construction to the moment they receive the keys to their new home. It is another way we are making banking simpler, more human and more connected to what matters most in our customers' lives."