SODIC signs a collaboration protocol with the Commercial International Bank (CIB) – Egypt, to provide mortgage finance solutions to SODIC customers, Invest-Gate reports.
The protocol entails providing diverse payment plans for delivered units in accordance with Egypt’s mortgage finance laws and regulations. Moreover, SODIC customers will have the opportunity to buy ready-for-delivery units offered for sale in the company’s different projects on a payment plan up to 20 years.
SODIC’s existing customers can also benefit from this protocol when listing their homes for sale, capitalizing on SODIC’s resale platform that will avail the same extended payment plan for their buyers.
“We are excited to collaborate with our long-standing partner CIB with its strong and proven track record in the banking sector. This protocol comes in line with our customer-focused approach to offer new financial solutions that facilitate the home-buying decision for our existing and potential customers,” Magued Sherif, SODIC’s managing director, comments.
“This mortgage protocol marks another successful milestone in CIB & SODIC’s strong relationship. This protocol would offer a payment scheme up 20 years as an alternative financing solution for unit buyers which comes in line with the bank’s strategy to support the real estate market in specific and the CBE directives in this sector at large,” CIB’s Chief Executive Officer Institutional Banking Amr El-Ganainy says.
Chief Executive Officer of Retail Banking Ahmed Issa notes that the aim of this collaboration, which targets all segments of society, is to enhance the product and meet the needs of customers by providing numerous benefits. Through the combined efforts of both institutions, the best offers were designed to address those needs with regards to the loan amount, installment period, and pricing.
The signing ceremony was attended by Magued Sherif, SODIC’s Managing Director; Amr El-Ganainy, CEO Institutional Banking & Ahmed Issa CEO of Retail Banking at CIB, and senior members of both entities.