Beta Egypt for Urban Development signs a protocol with the Housing and Development Bank (HDB) to fund units located at the company’s compounds in the October Gardens district and Mostakbal city in New Cairo, under the mortgage finance initiative led by the Central Bank of Egypt (CBE), Invest- GATE Reports.
The contract has been signed by Beta Egypt’s CEO Alaa Fikry and the head of the mortgage finance sector at HDB Mohamed Maharek.
In this regard, the protocol allows Beta Egypt’s customers to get mortgage finance for units priced up to EGP 1.4 mn with 3% interest and units of over EGP 1.4 mn to EGP 2.250 mn with 8% interest.
Moreover, the protocol offers mortgage finance to the overpriced units out of the interest percentages determined by the CBE.
Additionally, Fikry declares that the protocol comes as a part of Beta Egypt’s keenness to meet the needs of its customers, along with achieving the state’s goals and plans, which aim to boost mortgage finance initiative as it contributed to pushing the real estate sector.
He further notes that the protocol states funding all sold and unsold units in Beta Greens New Cairo Compound in Mostakbal City alongside with the company’s projects in the October Gardens district.
Beta Greens New Cairo Compound spans over 25 acres, with EGB 1 bn of investments. It encompasses 730 residential units varies between apartments, independent, twin and town family villas. The areas range from 90 to 250 sqm. Besides, the company is to deliver the project’s first and second phases within the coming six months.
On his part, Maharek expresses also his happiness with the new collaboration with Beta Egypt. It’s noteworthy that Beta Egypt had constructed a number of integrated real estate projects in new cities, the Greater Cairo area, Obour city, October Gardens district, where “Beta Gardens”, “Golf Residence”, and “Beta Greens” compounds are located.