Despite the housing boom in Egypt, and the countless payment options that have recently become available to buyers, the mortgage market is still in its infancy with limited popularity despite being widespread in other parallel markets, internationally. For that reason, Invest-Gate surveys a number of banks to guide newly-weds through when starting a family. You can a find other plans offered by mortgage companies here.
CENTRAL BANK OF EGYPT
For Low Income (individuals: EGP 3,500/month- families: EGP 4,750/month)
• Units maximum price to be defined by the fund
• Up to 90% of the unit value
• Installments up to 35% of monthly income
• Up to 20 years repayment period
• Interest rate: 5% with annual depreciation for lower than low income – 7% with annual depreciation for low income
• Down payment: 10% of unit value
For Middle Income (individuals: EGP 10,000/month – families: EGP 14,000/ month)
• Units maximum price: EGP 700,000
• Up to 80% of unit value
• Installments up to 40% of monthly income
• Up to 20 years repayment period
• Interest rate: 8% with annual depreciation
• Down payment: 20% of unit value
For above Middle Income: (individuals: EGP 15,000/month – families: EGP 20,000/ month)
• Units maximum price: EGP 950,000
• Up to 80% of unit value
• Up to 20 years repayment period
• Installments up to 40% of monthly income
• Interest rate: 10.5% with annual depreciation
• Down payment: 20% of unit value
Bank Audi
• Up to 75% of unit value
• Interest rate: 15%
• Up to 20 years repayment period
• Unit has to be built with utilities installed
Arab African International Bank
• Up to 80% of unit value
• Interest rate: 18.96% (EGP 10,000-20,0000/month – unit value: EGP 2 mn)
• Up to 15 years repayment period
• Installments up to 40% of monthly income
• Unit has to be built with utilities installed
Nationality: Resident – Non-Resident Egyptians – Resident foreigners
Credit Agricole Bank
• Up to 80% of unit value
• Interest rate: 12%
• Up to 20 years repayment period
• Up to 40% of monthly income (interest rates 5-8% if income is directly transferred to the bank)
• Installment plan: adjusted with client
Commercial International Bank (CIB)
• Up to 80% of unit value
• Loan starts from EGP 120,000 up to EGP 5,000,000.
• Up to 20 years repayment period
