Increasing the installment period.. How to get an apartment with real...

Increasing the installment period.. How to get an apartment with real...
Increasing the installment period.. How to get an apartment with real...

Books – Mohamed Abdel Nasser:

Since 2014, the Central Bank has been working on providing real estate financing initiatives to facilitate obtaining an apartment, until it reached 2021 and there are two real estate financing initiatives, each with special conditions, the first with 3% diminishing interest, and the second with 8% decreasing interest.

The Central Bank announced the amendment of some conditions of the real estate financing initiative for middle-income people issued in December 2019, whose interest reaches a decreasing 8%, according to which an amount of 50 billion pounds was allocated to provide real estate financing to citizens.

The modifications were as follows:

Increasing the term of the financing to reach 25 years (instead of 20 years).

– Eliminate the requirement of maximum net unit area.

– Increasing the maximum unit price to 2.5 million pounds, with the facilitation of the terms of guarantees.

Allowing banks to accept alternative collateral in case the unit cannot be registered.

After these amendments, it is possible to benefit from the real estate financing initiative at an interest rate of 8% in two ways, the first within the projects proposed by the Ministry of Housing, and the second through private sector units that are implemented outside the Ministry’s projects through the following steps:

– The first method is through the Ministry of Housing, where it is expected that the coming weeks will witness the launch of a number of projects such as housing Egypt, Jannah, Dar Misr, coastal housing, and premium housing in new cities. This initiative can be benefited from if the unit price rises from 1.4 million to 2.5 million EGP, but if the unit is less than one million and 400 thousand, the interest will be 3%.

The monthly income limit for singles reaches 40,000 pounds and married ones reaches 50,000 pounds, while in the 3% initiative, the maximum limit for singles is 10,000 pounds and married people 14,000 pounds.

As for the steps for buying an apartment outside the projects of the Ministry of Housing, they are as follows:

1- The unit to be purchased is searched for by the real estate financing system, and the unit can be affiliated with a real estate company, a bank or an ordinary person.

2- It is required that the unit be fully finished and ready to move in, and for the purpose of permanent housing.

3- It is required that the unit be registered in the real estate registry or registrable and that there are no financial or real estate violations on it.

4- After that, the financing destination is directed, and it can be a bank or a real estate financing company.

5- The price of the housing unit is determined by the real estate appraiser at the financing authority.

6- The seriousness of the reservation shall be paid as a minimum of 20% of the total value of the unit.

Read also..

The papers required to obtain an apartment at 3% interest outside the housing proposals

In 2019, the Central Bank announced the launch of a real estate financing initiative for middle-income people, allocating a financing segment of 50 billion pounds, at a 10% declining interest rate, before it was reduced to 8%, decreasing during the second quarter of 2020, and the banks allowed some middle-income clients who were unable to To take advantage of the 3% initiative due to exceeding the monthly income limit, or the value of the housing unit beyond what is stipulated in the new initiative, to obtain a loan for an interest-supported housing unit in the decreasing 8% initiative.

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