Mortgage loans for low-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

60% mortgage loan program

Rate of financing

85%

80%

70%

60% including/not including subsidization, according to the conditions of each program

Minimum net monthly income

EGP 650

EGP 650

EGP 1,000

N/A

Minimum loan term

8 years

Maximum loan term

20 years

Annual interest rate on the declining loan balance

5% for clients with a net monthly income lower than EGP 1,400

7% for clients with a net monthly income between EGP 1,400 and EGP 3,500

Loan value

EGP 20,000 minimum

EGP 140,000 maximum

Net monthly income (from loan)

No more than EGP 2,500 for single clients

No more than EGP 3,500 for married clients

Subsidization from the fund

EGP 5,000 minimum

EGP 25,000 maximum

Insurance

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

Life insurance is provided only, without disability, for cases approved as clients with special needs

 

Required Documents:

  • Photocopy of a valid national ID
  • Photocopy of a valid national ID of the wife
  • A recent Utility bill for last 3 months
  • Marriage / divorce certificate
  • Income proof document of husband / wife

 

One of the following proof of income documents must be submitted

 

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)