Starting tomorrow, apartments for sale in installments of 500 pounds, immediate receipt. Announcement of apartments of the Ministry of Housing. Apartments belonging to banks
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Starting today, work has been done to offer apartments for sale by the Ministry of Social Housing with a monthly installment of 500 pounds and immediate receipt.
Taking into account that these housing units are for families with limited and middle incomes.
In light of receiving requests from those wishing to own housing units in all governorates, the Ministry of Housing announced the start of reservations for housing units. In this article from the Et3alam.com website, we will talk in detail about all the details related to reserving housing units in all governorates, starting with the New Valley Governorate.
Residential units, Durrat Al Wadi project, New Valley Governorate.
Dr. Mai Abdel Hamid, CEO of the Social Housing Fund and Real Estate Finance Support, said.
The first phase of the "Durrat Al Wadi" project in the city of Kharga in the New Valley Governorate is being completed.
Which was directed by President Abdel Fattah El-Sisi, with a decreasing interest rate of 3% for a maximum period of 30 years from the date of purchase, issued on October 13, 2021.
Dr. Mai Abdel Hamid explained that the new offering for residential units includes offering 160 residential units in Kharga City in New Valley Governorate in (the first phase).
Which are divided between units for low-income citizens and units for middle-income citizens, taking into account young people who are about to get married.
Dr. Mai Abdel Hamid indicated that the residential units for middle-income people have an area of approximately 110 m2.
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At a rate of three rooms and a hall, the selling price of one residential unit is 328.5 thousand pounds, while the value of direct cash support ranges between 5 thousand and 60 thousand pounds.
The value of indirect support is around 689 thousand pounds, represented by (the maximum value of the real estate finance return support in addition to the value of the unit's share of the cost of implementing public utilities and the difference in the cost of building the unit) in addition to 60 thousand pounds, provided that the down payment for reserving the residential unit is 15 thousand pounds and the administrative expenses are 405 pounds.
A minimum of 10% of the total sale price of the residential unit is paid to complete the rest of the down payment for the contract.
Dr. Mai Abdel Hamid explained that the citizen wishing to reserve a residential unit within the units offered in the Durrat Al Wadi project can purchase the conditions booklet for the application, which will be made available through the automated post offices at the level of the New Valley Governorate.
The application will be available on condition that the down payment for reserving the residential unit and the administrative expenses are paid at the automated post offices across the republic. The reservation data will be recorded and the form and declaration attached to the conditions booklet will be uploaded on the Fund's website during the period from Monday, December 2023 to Wednesday, December 27, 2023 (for citizens with disabilities only),
And from Thursday, December 15, 2023 to Thursday, December 26, 2023 (for all citizens including people with disabilities)
Conditions for reserving an apartment from the Ministry of Housing, Durrat Al Wadi Project
The CEO of the Social Housing Fund and Real Estate Finance Support, Dr. Mai Abdel Hamid, said that there are several conditions that must be met by the person wishing to reserve the offered housing units, including that the applicant be a natural person of Egyptian nationality.
And that the applicant for a housing unit from the Ministry of Housing housing should not be less than 21 years old on the date of the end of the announcement.
And that the age of the applicant from low and middle income groups when announcing the offering of housing units should not exceed 50 years on the date of the announcement.
The age of the applicant from the middle income group should not exceed the retirement age (as stipulated in the Social Insurance and Pensions Law issued by Law No. 148 of 2019) on the date of the end of the loan period (determined according to the credit study of the financing entity).
The age of the applicant from the middle and low income groups of pensioners and pension beneficiaries at the time of offering the housing units should not exceed 75 years on the date of the end of the loan period.
This is provided that a minimum of 40% of the value of the unit is paid as a down payment, with the pension being transferred to the financing entity.
The applicant is also prohibited from purchasing housing units in cash. He is committed to contracting and paying according to the real estate financing system for a period of 30 years.
Dr. Mai Abdel Hamid added that the maximum net income sources for low-income individuals is EGP 4,500 per month for an individual and EGP 6,000 per month for a family.
While the maximum net income sources for middle-income individuals is EGP 10,000 per month for an individual and EGP 14,000 per month for a family.
Dr. Mai Abdel Hamid, CEO of the Social Housing and Real Estate Finance Fund, explained that the applicant or the family (husband/wife/minor children) is not entitled to apply to reserve more than one housing unit in one advertisement.
And that the applicant or the family (husband/wife/minor children) has not benefited from previous real estate financing initiatives issued by the Central Bank by decisions of its Board of Directors dated February 2014.
Or dated December 2019 and their amendments or dated 2021, and that the applicant or the family (husband/wife/minor children) has not previously been allocated a housing unit of any kind in new cities or governorates, whether it is in his possession.
Or he has relinquished it to others or in partnership with others or it has been transferred to the applicant or the family by relinquishing the housing unit from others.
The doctor added that it is required that the applicant or the family (husband/wife/minor children) has not previously been allocated.
A residential plot of land of any kind in the new cities or governorates, whether it is in his possession or he has relinquished it to others or not.