Real Estate Finance Initiative| Steps to buy an apartment in installments outside a project


09:00 am

Tuesday 30 November 2021

Books – Mohamed Abdel Nasser:

Apart from the projects of the Ministry of Housing that are offered by the real estate finance system, citizens are looking for a unit according to the 3% real estate finance initiative, to move away from the conditions of the Ministry of Housing projects as well as the places within the cities where the offering is taking place.

The activation of the real estate finance initiative, with a reducing interest rate of 3% and the longest repayment period of up to 30 years, officially began on Tuesday, July 13.

Here are the steps to benefit from the new real estate financing initiative, away from the projects of the Ministry of Housing:

– The first step in obtaining an apartment with the real estate finance system outside the projects of the Ministry of Housing, is to search for the unit to be purchased with the real estate finance system, and it can be affiliated with a real estate company, a bank or an ordinary person.

The real estate finance initiative specifies conditions that must be met in the units so that they are fully finished and ready for housing, and are for the purpose of permanent housing and not for tourist or seasonal housing, as they are registered in the real estate registry and there are no financial or real estate violations, and this is the second step.

The third step: After confirming the unit and agreeing to the conditions, the financing authority is taken, and it can be a bank or a real estate financing company.

– The fourth step is with the bank that studies the file of the barrier and makes sure that the unit complies with the terms of the initiative, and the unit is inspected to ensure that.

The fifth step is to determine the price of the housing unit, and to pay the seriousness of the reservation, which ranges from 10% to 20%, as a minimum, and it is paid to the owner directly or to the bank, depending on whether the owner is a company or an individual person.

– After paying the 20%, the bank pays the rest of the unit price to the first owner, provided that the second owner who applies for the mortgage loan bears the 80%, plus the amount of interest is 3%, and the repayment period is up to 30 years, according to the age and salary of the applicant.

While obtaining a mortgage loan, the bank requested many papers for the housing unit subject of the financing, which differ between new cities and existing cities, and can be identified from here

The initiative applies to low-income people for whom the value of their income and units is determined through the Social Housing Fund, so that the maximum net monthly income is currently 4.5 thousand pounds for a single individual and 6 thousand pounds for a family, and the unit value is currently 350 thousand Egyptian pounds, and 10% is paid advance payment.

As for middle-income people, the maximum net monthly income is 10,000 pounds for a single individual and 14,000 pounds for a family. A minimum down payment of 15% of the total value of the unit is paid up to 1.1 million pounds as a maximum, as for units whose price is more than 1.1 million EGP up to EGP 1.4 million, with a minimum down payment of 20% of the total unit value.

Read also:

– Real Estate Finance| Away from the banks, what are the companies that provide loans for the 3% initiative?
– Real Estate Finance| Beware 5 reasons not to benefit from the 3% initiative

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