Other Than Banks, Own Units with an interest rate of 3% Through Real Estate Finance Companies
The new real estate finance initiative, announced by the Central Bank of Egypt July 2021, has many advantages that facilitate the ownership of housing units. Apart from coming with an interest of only 3%, the repayment period may reach 30 years, which allows benefit from the initiative through Mortgage companies as well, not from banks only.
Certainly, there is a wide range of real estate finance companies, but the parties that can finance the mortgage initiative have been identified by approximately 27 banks and companies. So, this can make it easier for many to benefit from the initiative with its simple interest if the conditions set by banks do not suit some people.
The objective of the Central Bank initiative, which is made available through the Social Housing Fund and Real Estate Finance Support, is offered for people with low or medium incomes to be able to obtain housing units that suit them. The initiative identifies the methods to benefit from the initiative in two ways:
– Either the housing units offered by the Ministry of Housing – within the initiative of social and medium housing apartments. These housing units can be obtained by withdrawing the conditions booklet from post offices, and obtaining the apartment in the new cities of some governorates, including Badr, October Gardens, May 15, New Aswan, New Alamein apartments.
– Or private apartments outside the housing units, which are subject to a number of conditions, including that the unit be fully finished, registered in the real estate registry or registrable, and free of financial violations.
Real Estate Finance Companies
Depending on real estate finance companies, along with banks, for these housing units is a good opportunity for those who do not meet the conditions of the banks. Besides, the procedures may be less and more simplified, and you can inquire and follow up smoothly. the choice of mortgage companies may be due to the ease of communication other than banks that serve a larger segment that reaches millions of customers.
The real estate finance companies included in the initiative are:
Al Taamir Mortgage Finance – Al Oula
The Company was established in 2003 and is contributed by more than one party, including the Urban Communities Authority, the Housing and Development Bank and the National Investment Bank. It provided real estate financing amounting to EGP 791 million to more than 6 thousand customers from the Social Housing Fund within the real estate financing initiative.
Ahli United Finance Company
Ahly United Finance Company is affiliated to Al-Ahly United Bank, headquartered in Dokki, and was able to inject various real estate financings worth EGP 862.5 million in the first half of this year (2021). The Company has provided financing to customers of the Social Housing Fund amounting to more than EGP 19 million for nearly 200 customers.
Al Ahly Mortgage Finance
Al Ahly Mortgage Finance Company is interested in expanding real estate financing initiatives. It is one of the companies of the National Bank of Egypt and issued real estate financing amounting to EGP 1.3 billion until the third quarter of this year (2021). The Company has provided the customers of the Social Housing Fund with real estate financing worth more than EGP 284 million.
Amlak International for Real Estate Finance Company
The Company has experience dating back to its establishment in 2007 in the UAE. Recently, the Company has headed to Egypt on behalf of Amlak Finance – Egypt. It has provided real estate financing to customers of the Social Housing Fund for low-income people, amounting to more than EGP 252 million for 237 customers.
Tamweel Company
The Company includes 4 other companies under its umbrella: Tamweel for real estate finance, Tamweel for financial leasing, Tahseel for collection services, and Tamweel for insurance brokerage. Almost 600 customers of the Social Housing Fund, with real estate finances worth more than EGP 68 million.
Contact Company
Contact Company provides a range of financial services and solutions from real estate or consumer financing, insurance services and car financing. The Company announced the entry of the Central Bank’s initiative for real estate financing with funds ranging between EGP 1.1 and EGP 1.4 billion. More than 3,000 customers have benefited from the Social Housing Fund so far. The Company’s finances amounted to more than EGP 439 million.
Arab African International Company
The Company is affiliated with the Arab African Bank and was established in 2008. It was able to provide real estate financing to more than 100 low-income customers, within the initiative of the Social Housing Fund, amounting to more than EGP 12 million.
Egyptian Housing Finance CO
It is owned by Credit Agricole Egypt and is established in 2004. The Company has granted real estate financing to low-income customers of the Social Housing Fund for this year, amounting to more than EGP 43 million.
The most important conditions of the presidential real estate financing initiative: the interest rate is 3% and the repayment period is up to 30 years, the unit price for low-income people does not exceed EGP 350 thousand, and for middle-income people EGP 1.4 million. Besides, the income of singles should be EGP 4500 and EGP 6 thousand for the low-income family. As for middle-income people, the income of the individual is about 10,000 and the family 14,000 pounds, with no restriction to a specific area of the housing unit.
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