Wednesday 21 April 2021
I wrote – Manal Al-Masry:
The mortgage loan leads outside the initiative of the Central Bank of First Abu Dhabi Bank, the most valuable at the level of the banking system, reaching a maximum of 15 million pounds, provided that the customer’s salary is allowed to bear the loan installment.
The loan in other banks does not exceed between 2 million and 3 million pounds.
All banks offer mortgage loans to those who do not meet the terms of mortgage financing in banks, with the initiative of the Central Bank that supports low and middle income groups.
Masrawy presents the mortgage loan details at First Abu Dhabi Bank Egypt:
Loan value: up to 15 million pounds.
Loan repayment period: Up to a maximum of 15 years.
Interest rate: 11.25% annually, which is an increase of 3% over the average interest rate on lending in the Central Bank.
Administrative expenses: from 1.5% to 2.5% of the total loan value, depending on the possibility of transferring the salary to the bank.
Client age: not less than 25 years and not more than 65 years.
Monthly income: not less than 25 thousand pounds per month.
A copy of the housing unit contract.
Certified certificate from the employer of the customer’s total monthly income for employees, or the commercial registry and tax card for self-employed.
A copy of a valid national ID.
Some other paperwork required for loan approval.