Real estate financing conditions from the National Bank of Egypt

The National Bank of Egypt offers many financing offers that serve its customers, and this time the bank grants a real estate financing program for low-income people, to obtain a housing unit with the simplest procedures and the longest repayment period.

The National Bank of Egypt provides the real estate financing program in cooperation with the Social Housing Fund and real estate financing support to finance housing units for the low-income category.

Real estate financing conditions for low-income people from the National Bank of Egypt:

• Loan term: maximum 30 years.

• Unit value: It is determined by the Social Housing and Mortgage Finance Support Fund, according to the announced announcement.

• Advance payment: 10% of the total unit value.

• Financing value: up to 90% of the unit value, according to the evaluation.

• Maintenance Deposit: a maximum of 10% of the unit price (provided that the financing granted to the customer includes the value of the maintenance deposit).

• The debt burden ratio is calculated at a maximum of 40% of the net monthly income of the real estate installment, according to the conditions.

• Return rate: 3% decreasing.

• Free life and total disability insurance policy.

Fees and commissions:

Administrative expenses: 0.5% of the financing amount, to be paid in installments over the life of the loan at the same initiative return rate.

• Account opening and inquiry fees are free.

• No expedited payment commission is applied, and the support teams are refunded based on the instructions in this regard.

• Delay return: 2% on the installments due.

Preliminary papers required to obtain an apartment within the real estate financing initiative

• A copy of a valid national ID card.

• Certificate of registration for males and females.

• Receipt of recent utilities.

Income proof documents.

- Terms of real estate financing for apartments from the National Bank of Egypt:

- The applicant must be an Egyptian citizen. 

- The permanent place of residence is the Arab Republic of Egypt. 

- Age should not be less than 21 years, and not more than 60 years at the end of the loan term.

- The loan repayment period is up to 20 and 30 years, according to the latest real estate financing initiatives. 

- The price of the housing unit to be financed is determined by the Housing Fund for Low Income People. 

-The monthly income of the applicant and his family within the limits declared by the Fund.

- The beneficiary must not have previously obtained an apartment within the initiatives or his wife.

 - The applicant does not own any housing unit, even if it is movable by inheritance. 

- As for the employees, the National Bank of Egypt confirmed in its statement that with regard to the employees, the retirement age must not be reached by the end of the flat financing period.