Real Estate Financing for Egyptians Residing and Employed in the United Arab Emirates

 

Specifications:

  • The largest loan value, at up to EGP 5 million
  • The longest repayment period, at up to 120 months
  • Competitive interest rates
  • Lowest administrative fees (collected upon disbursement of the loan)

 

Benefits:

  • Free life insurance (in the unfortunate case of death, the bank does not request any pending dues).
  • Possibility of granting the loan to the spouse (in case of the wife being employed)
  • Clients are exempt from the fees for opening an account, as well as stamp tax and credit query expenses.

 

Financing Programs:

  • Clients on Payroll Program
  • Savings Deposits Program
  • Clients on Payroll Program

 

Product Features:

 

  • Financing rate at up to 70% of the value of the housing unit
  • The loan term is up to 10  years
  • Life and total disability insurance policy borne by the Bank
  • Least administrative fees

 

General Loan Conditions:

  •  
  • Monthly salary must not be less than DHS 10,000
  • Maximum monthly premium does not exceed 40% of the salary
  • Minimum age of client is 21 years
  • Maximum age of client is 60 years
  • Employment tenure must not be less than 6 months, provided that the client is a permanent employee.
  • The client must have been a resident of the United Arab Emirates for at least one year

 

Required Documents

 

Housing unit documents:

 

In the event that the housing 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 at the Real Estate Registry, free of in-kind dues owed to third parties, or allocation decision + 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 government agencies).
  • Blueprints for the residential unit
  • A certificate from the district municipality stating that there are no violations on 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
  • True copy of the building permit
  • Any additional document requested by the Legal Affairs Department

 

Client documents:

  • Loan application
  • Clear copy of a valid national ID card and valid passport
  • True copy of a valid Emirati ID
  • Pledge from the employee for continuation of salary transfer
  • A certificate of income, including end-of-service remuneration


 

Savings Deposits Program (certificates, deposits, savings)

 

Product Features:

 

  • Longest installment payment period of up to 10 years
  • Financing up to 100% of the housing unit, in consideration of the loan percentage of each savings deposit.
  • Competitive interest rate
  • Highest loan value of up to EGP 50 million

 

Client documents:

  • Clear copy of a valid national ID card and valid passport
  • Loan application

 

Required Housing Unit documents:

  • In the event that the housing unit is registered or eligible for registration:
  • Registered deed title, free of any in-kind dues owed to third parties
  • In the event that the housing unit is not eligible for registration:
  • The housing unit owner’s ownership deed
  • Preliminary sale contract concluded between the client and the housing unit owner