Conditions for obtaining a real estate financing loan in Egypt

Real estate financing loan is the best banking services provided by all banks in Egypt.

Thanks to the real estate financing initiative presented by the Central Bank over the past years, we can learn about the conditions for obtaining a real estate financing loan in Egypt.

Conditions for obtaining a real estate financing loan in Egypt:

1. The applicant must be one of those present in the governorate in which the project is located, and who wishes to reserve a residential unit there.

2. Priority is given to applicants who work in the governorate itself or to persons and families residing within it, and the exception is for applicants whose income rates and levels are average.

3. It is not possible for a family to submit an application to reserve more than one housing unit within the governorate.

4. The person or family does not own any units or plots of land that are suitable for habitation in any of the new cities or in any governorate.

5. The applicant or family must not own an actual residence in which they reside by legal inheritance.

6. The unit that is requested from the social housing units must be used by either he or his family to live in it on a regular and permanent basis.

7. The period of benefit must reach up to seven years.

8. The applicant must write an acknowledgment of the accuracy of all the data entered and the official documents he submitted during the booking procedures.

9. In the event of a violation of the above, the person will be subject to criminal and civil liability.

10. The applicant or his family must not have benefited from cooperative loans, or benefited from national project funds allocated to provide housing units.

11. The person has not benefited from the support of any public bodies working to provide housing units to support citizens.

12. The applicant or his family must not have benefited from any previous real estate financing initiatives starting in 2014 AD, or from December 2019 AD to July 2021 AD.

Units with the following specifications are available for obtaining real estate financing loans:

• The unit indicated in the applicant's application must have all finishes completed and be ready to be occupied immediately.

• The maximum price for the unit reaches about 2 and a half million Egyptian pounds.

• The unit must be designated for a specific purpose, which is permanent housing.

• Banks may accept alternative guarantees if there is no possibility of registering the unit.

• The unit must have been registered with the Real Estate Registry, or be under registration, and must not have any financial or real estate violations.

• The financing period is approximately 25 years.

Is it possible to take financing without guarantee?

It is possible to obtain real estate financing without any guarantee, through the National Bank of Egypt, which provides financing or personal loan features according to multiple financing programs with support due through multiple different financing programs.

• The financing value is up to 3 million Egyptian pounds, and the repayment period is up to 10 years. The most important details of the loan are as follows:

• It is necessary to have the salary available in the bank and transfer it to it.

• The value of the loan does not exceed two and a half million to three million Egyptian pounds.

• The payment period is up to 10 years and the interest is 18 and a quarter percent.

• The interest decreases every year.

• There is free life insurance, and the current account is also free.

• There are no credit inquiry fees and no guarantee.

How long does it take to obtain real estate financing?

  The initial approval for the person to obtain the value of the financing or mortgage loan comes directly, but it may take a period of time that varies from one banking institution to another.

The duration that this particular process can take is up to five working days.

It is worth noting that pre-approval of the loan may take a longer period, depending on the bank through which the application will be submitted.