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How to get a housing unit through the President's Real Estate Finance Initiative



Many questions are going on in the minds of citizens, after President Abdel Fattah El-Sisi launched the largest real estate finance initiative in Egypt with a 3% interest, most notably how can one get a unit through this initiative? Is the private sector within the scope of the initiative? And others will be answered in this report.

Who is this initiative applicable to?

The initiative includes all housing units whose value does not exceed an amount of 2 million pounds, provided that these units are ready and fully finished.

Is this initiative will be limited to state projects?

Of course not, but the various types of housing project units, whether the social housing project, the housing project in Egypt, or the Egyptian house, will be included within the scope of the initiative, because these units are ready for housing before the release of the receipt contracts, which is what makes them fall within the initiative.

What are the conditions for obtaining a mortgage loan?

The real estate financing initiatives launched by the Central Bank require that the units be registered and do not have any violations, and also be fully finished, ready to live, to be able to benefit from the financing loan.

What is the difference between the new initiative launched by President El-Sisi and other initiatives?

The new initiative will provide funding for up to 30 years in place of the current initiative, which has a maximum funding period of 20 years.

To what extent does this initiative contribute to reviving the Egyptian real estate sector, especially after the current decline in sales that the sector is witnessing?

There is no doubt that this initiative will contribute significantly to a great recovery of the Egyptian real estate sector, and provide real opportunities for all citizens of all segments to obtain a housing unit, which will positively return to the real estate sector and the revival of sales movement again.

What are the most prominent areas that will be most easy to obtain a mortgage loan in the new initiative?

The new cities will come on the most prominent areas that will benefit from this initiative, given that all units in them are licensed and can be registered in the real estate registry, which makes them more compatible with the conditions of banks and mortgage companies.

How is the interest calculated on the mortgage loan in the new initiative?

The new initiative stipulates that the loan interest is only 3% instead of 7% for low income people and 8% for average income, but the interest is calculated on the remaining amount and not the entire unit value, meaning if the customer pays the 20% of the unit value before receipt, the interest is calculated On the remaining amount, which is 80% of the unit value.

 

Is there a maximum monthly income for either the family or the single?

 

Of course, the Central Bank stipulates that there should be a maximum family income to benefit from the mortgage loan, and the maximum limit has reached 50 thousand pounds per family per month, and 40 thousand per person in the initiative that is now operating.

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