Real estate financing is one of the fastest and easiest ways to help individuals realize their dreams of owning an apartment, especially in light of the huge rise in the prices of apartments, lands, and building materials.
Various banks offer real estate financing programs commensurate with the income level of individuals to help them realize their lifetime dream of owning an apartment, in conjunction with the government offering housing units throughout the Republic.
The Industrial Development Bank, in cooperation with the Real Estate Finance Fund, offers a number of real estate financing programs in line with the individual’s income level, starting from the low income level, passing through the average, and reaching high income, to enable the individual to buy an apartment in one of the real estate projects that the state is establishing through the Ministry of Housing.
Industrial Development Bank programs for real estate financing:
Firstly: Real estate financing initiative for middle-income 8%:
This program targets the category of middle-income individuals whose income reaches the maximum The maximum monthly income 40,000 for singles and 50,000 for families
- Conditions for obtaining medium-income real estate financing:
- The maximum unit price is EGP 250,000 gm
- The minimum age of the customer 21 years
- The maximum loan term should be: 25 years
Features of real estate financing from the Industrial Development Bank:
- Without inquiry costs.
- Free life insurance.
- Opening an account is free.
- Insurance of the unit against the risk of fire.
- without any additional burden.
secondly: Real estate financing initiative for low-income people 5% – 7%
This program targets low-income individuals low-income people according to the Mortgage Finance Fund’s parameters, that reach their maximum income The maximum monthly income is 4,500 A thousand for bachelors and 6000 thousand for a family
- Conditions for obtaining medium-income real estate financing:
- The maximum unit price is EGP 250,000 gm
- The minimum age of the customer 21 years
- The maximum loan term should be: 25 years
Advantages:
- Without inquiry costs.
- Free life insurance.
- Opening an account is free.
- Insurance of the unit against the risk of fire.
- without any additional burden.
Third: Real estate financing initiative for middle-income people, 3%
This program targets low-income individuals low-income people according to the Mortgage Finance Fund’s parameters, that reach their maximum income The maximum monthly income is 4,500 A thousand for bachelors and 6000 thousand for a family
Conditions for obtaining low-income real estate financing:
- The maximum unit price is EGP 250,000 gm
- The minimum age of the customer 21 years
- The maximum loan term should be: 25 years.
Conditions that must be met in residential units to obtain real estate financing:
The apartment that the family wants to buy must be in one of the state’s projects, or the following conditions must be met:
- For the purpose of permanent housing, not tourism or seasonal
- Fully finished (ready to move in)
- Complete utilities (electricity – water)
- The unit is established, licensed, and has no violations
Documents that the customer must provide in order to obtain real estate financing from the Industrial Development Bank:
- A clear photocopy of the valid national identity card of both husband and wife.
- Receipt of modern facilities.
- In the case of the liberal professions program: –
- A copy of the tax card
- A copy of the license to practice the profession
- In the case of the program for owners of commercial, industrial or service activities:
- A recent official extract from the commercial or industrial register, not more than 3 months old
- A copy of the tax card