Launching 85, 000 units within the housing project for all Egyptians

Mai Abdel Hamid, head of the Social Housing and Real Estate Finance Support Fund, revealed the date of launching the seventeenth advertisement for the social housing project under the title “Housing for All Egyptians 4,” which includes about 85,000 housing units, explaining that the advertisement is scheduled to be released within two months from now.

The seventeenth announcement date

Mai Abdel Hamid, head of the Social Housing and Real Estate Finance Support Fund, confirmed that a supplementary announcement is scheduled to be made that includes about 85,000 housing units for reservation for low-income people in about 10 new cities, most notably New October City, for citizens outside the priority of the previous announcement.

Dwelling of all Egyptians 4

Mai Abdel Hamid explained, during her meeting with colleague Ahmed Hassan, that the new units are expected to be offered within a period not exceeding two months from now, and the lands on which the residential units are scheduled to be implemented are being surveyed.

Social housing apartments

The head of the Social Housing Fund announced the start of sending text messages to applicants for the latest advertisement, “Housing for All Egyptians 3,” within two weeks, in order to go to post offices to pay the quarterly installments.

On the other side, The National Bank participates in the Central Bank’s real estate financing initiative for low-income people at an interest rate of 5% to 7%.

The list of documents initially required from customers wishing to join this initiative and benefit, which was specified by the National Bank, includes the following:

• A valid national ID card

• Recent facilities receipt

• Registration certificate for males and females

• Income proof documents

• If the client is married, the following documents must be submitted

• A valid national ID card for the wife or a copy of the marriage certificate

• Vocabulary: The wife’s work income while she is working

While the initiative set a number of basic conditions and obligations that must be met to complete the financing process for customers, which are as follows:

Monthly income: Determined according to the announcement issued by the Real Estate Finance Fund, provided that the applicant does not own any unit, even in the case of inheritance.

Age: The borrower’s age is not less than 21 years on the date of granting the financing, and does not exceed 60 years on the date of the financing end or the retirement age for employees, whichever is earlier.

Nationality: Resident Egyptians only.

Duration of work: 6 months for employees in the private and government sectors, 12 months for business owners and self-employed professionals.

Loan term: minimum 5 years and maximum 20 years.

Unit value: Determined by the Real Estate Finance Fund in accordance with the issued announcement.

Down payment: a minimum of 20% of the total unit price and a maximum of 50%.

Financing value: up to 80% of the total unit price.

Debt burden ratio: The deducted installment for real estate financing must not exceed the client’s net income after excluding all sovereign deductions.

Interest rate: 5% - 7% decreasing.

Expedited payment commission: Expedited payment commission is not applied, and the support teams are refunded based on the instructions received in this regard.

Late commission: 2% on installments payable.