Mortgage loans for middle-income citizens, in accordance with the Central Bank of Egypt’s initiative

 

Statement

clients with transferred salaries or installments/with a salary transfer contract

Proof of income

Liberal professionals and commercial activities

50% mortgage loan program

Rate of financing

90%

75%

70%

50%

Minimum loan term in years

5

Maximum loan term in years

20

Annual interest rate on the declining loan balance

10.5 %

Minimum net monthly income

EGP 2,500

N/A

Maximum net monthly income

EGP15,000 for single clients

EGP 20,000 for married clients

Loan value

EGP 30,000 minimum

EGP 855,000 maximum

Maximum value of housing unit

EGP 950,000

Insurance

Life and total disability insurance is provided and borne by the bank

 

Required Documents:

  • Copy of a valid national ID card
  • Copy of spouse's valid national ID card
  • A recent utility or telephone bill not exceeding three months old
  • Certificate of income (from both spouses), in accordance with the following:

 

Required Document

Government or public sector  employees and public business sector or private sector employees

  • recent document of income proof from employer     OR
  • 3 recent salary statement (or a photocopy) to prove the duration of the service required by the employer     OR
  • Recent bank statement (or a photocopy) shows salary transfer of a previous year.

Self-employed*
or Business owners with commercial and industrial activities**

  • Official document approved by a Certified Accountants of the Central Bank of Egypt     OR
  • Tax document showing the customer’s income tax treatment for the last three years     OR
  • recent (personal / under the company’s name) bank statement or saving account (bank / post office) for last 6 months     OR
  • income proof and field inquire about home and work for low-income customers  program

Without income proof

  • Document of a certified public accountant at the central bank of Egypt or evidence of approval by the Ministry of Finance.
 

*   The application for liberal professionals is completed with a copy of the tax card and a copy of the license to practice the profession.

** The application for valid owners of commercial, industrial or service activities is completed with a copy of a recent official commercial or industrial registration not surpassing three months, and a copy of the tax card.

 

Housing unit documents:

  • In the event that the housing unit is registered or the loan is granted with another unit as collateral:
    • Registered deed title, free of any in-kind dues owed to third parties.
    • Building license or permit
    • A certificate from the Real Estate Tax Authority declaring that the property is assigned in the owner’s name and that the real estate taxes on the residential unit are paid in full
    • Property deed certificate for 15 years
    • Any additional document requested by the Legal Department
  • In the event that the housing unit is eligible for registration:
    • Land ownership contract registered in the Real Estate Registry, free of any in-kind dues owed to third parties, or the allocation decision and a report for the receipt of the land, legal affairs (e.g. an area specification report on the sale to the client and mortgaging the housing unit to Banque Misr)