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Mortgage loans for low-income citizens

central bank new initiatives for real estate financing at 3%

Mortgage loans for low-income citizens, in accordance with the Central Bank of Egypt’s initiative

Central bank new initiatives for real estate financing at 3%  

Statement

Financing programs

3% return rate

Low-income people

Middle-income

slice 1

Middle-income

slice 2

Amount allocated by the Central Bank

EGP 100 billion

Minimum residential unit down payment

10%

15%

20%

Maximum residential unit

(Not including maintenance deposit)

As specified within advertisements real estate finance fund

up to 1.1 million

Between 1.1 and 1.4 million

Maximum net monthly income

Single

4500 EGP

EGP 10 thousand

married

6000 EGP

EGP 14 thousand

Maximum monthly installment

40% of net monthly income

Installment payment method

Steady installments or increasing installments throughout the loan period according to the client’s wish

Loan term

Minimum

7 years

Maximum

30 years

Declining Annual Return

3%

Administrative expenses

%0.5

1%

Insurance

Life and disability are insured, and our bank bears the policy expenses and fees
- Conditions for the housing unit to be financed:
  • There is no maximum area for the residential unit
  • For the purpose of permanent housing, not tourist for or seasonal housing
  • Fully finished (ready to move in)
  • Complete utilities (electricity water)
  • The unit is existing, licensed, and has no violations

    -  Client documents:

  • A clear photocopy of the valid national ID card of the husband and wife
  • Recent utility receipt
  • In the case of the liberal professions program:
    • A copy of the tax card
    • A copy of the license to practice the profession
  • In the case of the program for owners of commercial, industrial, or service activities:
    • A recent official extract from the commercial or industrial registry, no more than 3 months old
    • A copy of the tax card.
  • One proof of income document (for the husband and wife) shall be submitted by the client according to the following:

 

Category name

Required Documents
  • Employees of government agencies
  • Private sector workers

Submit one of the following documents:

  • A recent income certificate approved by the employer
  • Or three recent salary strips
  • Or a bank statement showing the salary transfer
  • Self-employed (doctor engineer ...)
  • Owners of commercial, industrial, or service activities

Submit one of the following documents:

  • Bank account statement for the last 6 months
  • Or a tax certificate showing the customer's income that he has taken as the basis for his tax treatment for the last three years
  • Pensioners or pension beneficiaries

Insurance copy for the pensioner and a copy of beneficiaries, showing the share of the individual
 

Residential Unit Documents:

First: The housing units registered in the real estate registry in the name of the seller as one of the parties to the real estate financing relationship (whether it is a natural or legal person/company)

  • The registered contract is the seller's title deed (for the financed housing unit or the land on which the housing unit is located)
  • A certificate that there are no violations or a certificate of complete reconciliation
  • A copy of the building permit
  • Any other document required by the Legal Affairs Sector

    Second: The housing units within the new cities of the Urban Communities Authority and the compounds sold by individuals or real estate developers:

  • The seller's title deed
  • A copy of the building permit
  • A certificate that there are no violations or a certificate of complete reconciliation
  • Any other document required by the Legal Affairs Sector

 

 

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