El-Batal Group for Housing and Development signs a cooperation protocol with Qatar National Bank (QNB Alahli) to offer mortgage finance to 600 units in the company’s compounds “Rock Eden” in the 6th of October and “Rock Vera” in 5th Settlement, Invest- Gate reports.

All the units are fully finished according to the conditions of mortgage finance in Egypt. Additionally, the cooperation protocol states interest rates of 3% and 8%.

The cooperation comes as a part of the vital role played by El Batal Group in facilitating and offering high-quality service to its clients according to the directives of the state and the Central Bank of Egypt (CBE) initiatives. It also complies with the country’s strategy in supporting mortgage initiative with low interest to provide residential units to all income levels.

Emad Doss, El-Batal Group CEO, comments, “We are very keen on supporting all the initiatives that could create a better life for the Egyptian citizen, especially when it comes to providing a suitable home and easing the process of owning it”. He further adds that the client will pay a deposit of 20% of the total amount of the residential unit and gain a mortgage finance period of up to 30 years.

For his part, QNB Alahli CEO, Mohamed Bedier, states that offering mortgage finance on a long period and subsidized percentage of interest is considered as a gain to the mortgage finance market as it is one of the most important mechanisms to revive the economic market in Egypt.

“Cooperation with El-Batal Group is in the continuity of the bank’s contribution in improving the real estate sector. This comes in addition to reviving and increasing the mortgage finance section in the bank and meeting the needs of clients from both sides. We have designed the best funding offers for this cause,” Bedier points out.

El-Batal Group CEO Emad Doss, QNB Alahli CEO Mohamed Bedier, and associated teams from both sides have attended the contract signing.