Details of real estate financing for middle-income people from the Arab Egyptian Real Estate Bank
The Arab Egyptian Real Estate Bank offers a real estate financing loan for middle-income people according to the Central Bank's 8% initiative with the easiest and simplest procedures and the longest repayment period of up to 20 years.
• The maximum price for a residential unit is EGP 2,250,000.
• The maximum area of the residential unit is 150 square meters net.
• Financing is available for employees (public/private sector), business owners and Egyptians working abroad
• Financing is possible in various governorates of Egypt and cities of new urban communities
• The value of financing can reach 80% of the value of the property.
• Financing period is up to 20 years
• 8% decreasing rate of return
• The possibility of combining the husband's/wife's income
• The value of all financial obligations with the real estate installment must not exceed 40% of the total income
• Life and total disability insurance during the financing period.
• Fire insurance for the unit during the financing period
Conditions:
• Minimum customer age is 21 years
• Maximum customer age at the due date of the last installment should not exceed 60 years for employees and 65 years for business owners and freelancers
• Monthly income per person: Individual income should not be less than 3,500 pounds and not exceed 40,000 pounds
• Monthly income for the family: Family income should not be less than 5,700 pounds and not exceed 50,000 pounds
Required documents:
• Valid national ID card
• Recent utility bill
• Notarized letter from the employer
• Bank statement for the last 6 months