Individual Mortgage with Proof of Income

 

Product Features:

  • Financing rate at up to 75% of the value of the housing unit
  • The loan term is up to 15 years
  • Life and total disability insurance policy
  • Low administrative expenses

 

General Loan Conditions:

  • Monthly income is no less than EGP 2,000
  • Maximum monthly premium does not exceed 40% of monthly income
  • Maximum age upon loan maturation is 65 years for all clients, provided that the end date of the loan does not exceed the date of termination of service

 

Required Documents

Housing unit documents:

  • In the event that the unit is registered:
    • 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 in-kind dues owed to third parties, or allocation decision and a report of the receipt of the land
    • Copy of building license
    • 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
    • Approval from the city authority or the seller to transfer ownership to the beneficiary and pledge the unit to the bank (if purchased from governmental agencies)
    • Blueprints for the residential unit
    • A certificate from the district municipality stating that there are no violations in the unit
    • Any additional document requested by the Legal Affairs Department (e.g. an area specification report on the sale to the client and mortgaging the housing unit to Banque Misr)
  • In the event that the housing unit is unregistered:
    • Residential unit contract
    • Copy of the building permit
    • Any additional document requested by the Legal Affairs Department

 

Client documents:

  • A recent certificate of income, less than two months old
  • Loan application
  • A recent utility bill for the client’s address (electricity, gas, water, telephone), no more than three months old
  • Copy of a valid national ID card