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Khaled Al Mahdi, a real estate appraisal expert, spoke about the details of the real estate financing initiative at an interest rate of 3%, noting that the owners of housing units located in the fourth generation of new cities are the most benefiting from this initiative.
“The fourth generation of new cities includes New Mansoura, New Minya, West Assiut and West Qena, and the fourth generation has been launched to them because urban planning takes into account. Urban appearance and optimal use of technology, communications and optical fibers ».
Regarding the beneficiaries of the initiative in New Cairo, he explained, “The initiative can be used through the housing units of Egypt and Dar Misr, but on the condition that the unit area does not exceed 120 meters, and its price does not exceed one million pounds,” adding, “What are the units of the private sector in the New Cairo area? There are real estate narcissus, jasmine, lotus, and violet, which are separate properties, provided that the property is capable of being registered and that the property is free of violations.
Regarding the cases that prevent benefiting from the initiative, he said: “That the applicant of the initiative should not be a beneficiary of any previous real estate initiative, in addition to the absence of any loan from other banks that has not been settled, as the loans must be settled first to ensure the citizen’s ability to repay.” Noting that the applications submitted are reviewed by the Inquiry Department to ensure that the interest of any other loans is not accrued.
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