Beta Egypt for Urban Development and Banque Misr have partnered to provide mortgage services for the Egypt-based developer’s various gated communities in west Cairo’s October Gardens, thereby listing 100 residential units under the Central Bank of Egypt (CBE) real estate financing initiative, Invest-Gate reports.
Under the agreement, Banque Misr will fund up to 80% of the value of the built houses, at an 8% interest rate for up to 20 years, in a move that aims at revitalizing the country’s mortgage industry by offering convenient payment facilities for middle-income buyers, said Chairman and Managing Director of Beta Egypt Alaa Fekri in a recent press release.
According to Fekri, the protocol allows clients to put in applications for the desired ready-to-move-in properties at any Banque Misr branch, highlighting that Beta Egypt clients will exceliuvely benefit from all the different special offers and facilities offered by the state-run bank.
He also confirmed that procedures and approvals through Banque Misr will take up to three days only, as highlighted in the statement.
Since established, Beta Egypt has carried out a well-crafted assortment of integrated real estate projects across Greater Cairo, namely “Beta Gardens,” “Golf Residence,” and “Beta Greens” projects in east Cairo’s Obour City and New Cairo, as well as west Cairo’s October Gardens.