The Central Bank of Egypt announced the terms of the mortgage initiative launched by President Abdel Fattah El-Sisi, for low and middle-income people, which will have a long repayment period of up to 30 years and a reducing interest rate of 3%.
Terms of Reservation in the Mortgage Finance Initiative
- The applicant is a natural person of Egyptian nationality.
- He must not be less than 21 years old and not more than 50 years old at the end of the advertisement.
- The maximum family income is 6 thousand pounds per month.
- The maximum income for singles is 4500 pounds per month.
- The applicant or the family (husband / wife / minor children) is not entitled to apply for reservation of more than one housing unit in the new cities and governorates in the same advertisement.
- The applicant or the family (husband / wife / minor children) should not have benefited from a cooperative loan or support from the National Housing Project or one of the public authorities that provide support for obtaining a housing unit, or the owner of the property, the owner of the house or transferred to him by legal inheritance .
- A housing unit or land has never been allocated to the applicant or the family (husband/wife/minor children) of any kind in the new cities or governorates, whether it was in his possession or ceded to others or in partnership with others or transferred to the applicant or family by waiving from others
- The applicant must be a resident of the governorate – in which the housing unit is requested – or residing in it or related to it for work or in one of its new cities or neighboring governorates.
Steps to apply for the Mortgage Finance Initiative
After completing the submission and announcing the names of the winners of the real estate finance initiative, the installments will be paid, whether the project is delivered after 3 years or if the delivery is immediate, the following steps will be started, which start with a field inquiry, then a credit inquiry, and accordingly the payment is determined The received amount, which amounts to 40 thousand and may vary from one barrier to another depending on the income, age, point of funding and the value of the support granted to it, is the applicant from the housing fund.
The social housing project is being launched through the Social Housing Fund and 14 previous announcements have been issued.
It is expected that during the coming period, advertisement No. 15 will be launched, by purchasing the terms of reference that include the residential unit reservation form.
Through any possible post office at the level of all cities and governorates in which the housing units were established
After purchasing the booklet of conditions, an amount of 14 to 15 thousand pounds is paid for the seriousness of the reservation, then the site is entered through the personal account, choosing to apply for a housing unit, choosing the space, and then defining social housing.
Submit the project according to each project, write all the required data in the application and upload the required papers. Upon completion of these steps, the application will be confirmed and a message will appear at the end confirming the application, and during the advertising period, the data can be modified.
Documents required for the initiative of the Central Bank for real estate financing
- If the applicant is married, he must provide the wife’s salary items, and if she is not working, he must submit a statement stating that.
- A copy of the identity card of the applicant and his wife (valid).
- Income Proof Documents, and the mentioned income is the net monthly income.
- Marriage certificate and children’s birth certificate.
- Receipt of payment of the reservation provider and registration fees.
As well as documents related to sources of additional income, such as agricultural property, real estate, land, exceptional pension, shares, deposits, savings accounts, savings accounts, or securities that generate additional income.
– As for professions, self-employment and commercial activities, a certificate from a chartered accountant showing the annual or monthly net income showing the applicant’s profession, a copy of the tax card and the commercial register for professionals and commercial owners, and a social insurance certificate showing the profession and insurance wage, or a copy of the union card must be submitted
With regard to divorced women, widows, and retirees, they must submit a certified printer with pension data from the insurance.
For the divorced woman, a copy of the alimony document that you obtained, with copies of the official certificates confirming the social status and the number of family members (marriage document, divorce or death document, and birth certificates for minor children, a possible national number, and a possible family binding).
In the event that a social housing project was previously booked without allocation and benefits, a document must be submitted stating that the applicant has withdrawn the seriousness of the reservation in the previous announcement.
A recent utility bill for the current residence (electricity, gas, water).
Source: مصر فايف by misr5.com.
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