Tatweer Misr signs an agreement with First Abu Dhabi Bank (FAB), Egypt branches, to offer mortgage facilities at competitive interest rates, and payment lasting up to 15 years for new and existing clients, Invest- Gate reports.

Under the agreement, Tatweer Misr’s client will benefit from various financing solutions at competitive rates, whether looking to purchase housing units or to finance finishing. The bank will provide up to 85% of the price of ready to- move in units in its first home projects. Additionally, the new service ensures competitive interest rates, financing units up to EGP 15 mn with payment lasting up to 15 years.

Moreover, clients will be able to obtain mortgages of up to 70% of the price on several ready-to-move-in units in Tatwer Misr’s coastal home projects, at competitive interest rates, and a maximum of EGP 7.5 mn to be settled over a period of up to 10 years.

This cooperation also enables Tatweer Misr’s clients to fully finish their delivered units through obtaining mortgage financing by up to 40% of the price of the unit, in addition to the possibility of extending the loan period to current owners.

Commenting on the partnership, Ahmed Shalaby, CEO of Tatweer Misr, states, “Since our inception seven years ago we kept our clients at the top of our priorities, for this reason, we ensured providing them with added value through offering outstanding products and services. Therefore, today we sign a partnership that aims to fill an existing market gap through offering a mortgage tool with various settlement plans suiting every client, with competitive interest rates and over long-term payment terms.”

On his part, Mohamed Abbas Fayed, First Abu Dhabi Bank Egypt’s CEO comments, “We are pleased to be offering diverse financing options to Tatweer Misr’s clients and to support the real estate sector and the overall economic growth of Egypt. At FAB, we are always looking for ways to offer flexible and innovative solutions and we look forward to building a fruitful partnership with Tatweer Misr.”

It is worth mentioning that this agreement comes in line with Tatweer Misr’s strategy to stimulate sales and facilitate mortgage services. Besides, Tatweer Misr currently owns four major projects nationwide, varying between first and second home projects featuring both residential and non-residential components, including ‘IL Monte Galala’ in the Galala City, ‘Fouka Bay’ in Ras El, ‘D- Bay’ in El Dabaa, and  ‘Bloomfields’ in Mostakbal City in New Cairo.