{"id":2404,"date":"2019-12-09T10:47:23","date_gmt":"2019-12-09T08:47:23","guid":{"rendered":"https:\/\/advice.aqarmap.com.eg\/en\/?p=2404"},"modified":"2022-01-15T22:41:33","modified_gmt":"2022-01-15T20:41:33","slug":"are-mortgage-loans-the-solution-for-easy-ownership","status":"publish","type":"post","link":"https:\/\/aqarmap.com.eg\/en\/advice\/are-mortgage-loans-the-solution-for-easy-ownership\/","title":{"rendered":"Are Mortgage Loans the Solution for Easy Ownership?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The mortgage financing system aims to provide suitable housing for people through a payment system based on their income.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Because of the high cost of real estate and the difficulty of owning a suitable property with self-financing, people resort to mortgage. But what is a mortgage and who provides it?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mortgage financing happens when a home buyer wants to invest in owning a residential property, and the bank ensures you can repay your loan through certain qualifying criteria, such as: selling the property must be approved by or foreclosure when failing to pay the mortgage.<\/span><\/p>\n<p>In 2004, the Mortgage Finance Guarantee and Support Fund was established with the aim of delivering mortgage financing for low-income individuals by reducing the value of mortgage finance to what the investor can repay, which contributes to fair distribution and ensures mortgage market balance. Recently, the Central Bank of Egypt also announced the Mortgage Finance Initiative, offering lower interest rates for home-buyers with different incomes.<\/p>\n<h2><b>What is the Central Bank&#8217;s Mortgage Finance Initiative?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The Central Bank of Egypt initiative provides financing to individuals by reducing the interest rate after full repayment and by distributing the interest rate and loan amount into segments based on individual income, which are as follows:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">1- Low-income\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">2 &#8211; Medium-income<\/span><\/p>\n<p><span style=\"font-weight: 400;\">3- Above medium-income<\/span><\/p>\n<h2><b>What can be obtained by a mortgage loan?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The real estate finance system aims to provide a property for clients with an easy payment system suitable with their incomes, such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Buying, building or renovation<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Housing units<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Administrative units<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Service facilities<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Commercial properties<\/span><\/li>\n<\/ul>\n<h2><b>What are the requirements for the loan?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Targeted group are individuals with fixed income, employees of government, public, investment sector, and trade unions members, in addition to self-employed with a commercial register and tax cards. Clients benefiting from the initiative, must have Egyptian nationality and residence (age not less than 21 years and not more than 60 years at the end of payment),\u00a0<\/span><\/p>\n<h2><b>What are the advantages of a mortgage loan?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">&#8211; Move to your new house as soon as you get the loan<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Obtaining a financing amount that may reach 90% of the value of your new home.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Paying fixed monthly installments\u00a0 throughout the financing period.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Payment over the longest possible period of up to 20 years, which is not available in any traditional financing method.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Choose the unit you want anywhere in Egypt or from available units at the fund.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Own your home with monthly installments close to average rental value.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Accelerated Payments of all or parts of the loan are available at any time (subject to fees or appraisal costs in line with the terms and conditions of the funding body and the Initiative Fund).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Owners benefit from the immediate payment.<\/span><\/p>\n<h2><b>What documents do you need when applying for a mortgage loan?<\/b><\/h2>\n<ol>\n<li>Proof of income<\/li>\n<li>Personal identification documents<\/li>\n<li>Proof of residency<\/li>\n<li>Documents for the desired housing unit<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p><b>In case of purchasing a residential unit in a new property, applicants must provide:<\/b><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Copy of the land deeds\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Copy of the building permit<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Real estate taxes\/returns report (if any)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Letter of Authorization\/Form 19<br \/>\n<\/span><b><\/b><\/li>\n<\/ul>\n<p><b>In case of purchasing a housing unit registered in the name of the seller:<\/b><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A copy of the title of the registered housing unit<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Letter of Authorization\/Form 19<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Real estate taxes\/returns report (if any)<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><b>\u00a0In case of purchasing housing units in new urban communities:<\/b><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Notarized allocation decree\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Land receipt report<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Copy of the building permit<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Financial position of the land in terms of allocation<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Returns report (if any)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Assignment of the allocation and owner&#8217;s approval of mortgaging the buildings without the land, according to the Housing Minister decree No.100\/2014.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<blockquote><p><a href=\"https:\/\/aqarmap.com.eg\/en\/\">Aqarmap&#8230;Know more<\/a><\/p><\/blockquote>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The mortgage financing system aims to provide suitable housing for people through a payment system based on their income. Because of the high cost of real estate and the difficulty of owning a suitable property with self-financing, people resort to mortgage. But what is a mortgage and who provides it? Mortgage financing happens when a [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2405,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1226],"tags":[647,646],"class_list":["post-2404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tips-tricks","tag-loan","tag-mortgage"],"_links":{"self":[{"href":"https:\/\/aqarmap.com.eg\/en\/advice\/wp-json\/wp\/v2\/posts\/2404","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aqarmap.com.eg\/en\/advice\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aqarmap.com.eg\/en\/advice\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aqarmap.com.eg\/en\/advice\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/aqarmap.com.eg\/en\/advice\/wp-json\/wp\/v2\/comments?post=2404"}],"version-history":[{"count":0,"href":"https:\/\/aqarmap.com.eg\/en\/advice\/wp-json\/wp\/v2\/posts\/2404\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/aqarmap.com.eg\/en\/advice\/wp-json\/wp\/v2\/media\/2405"}],"wp:attachment":[{"href":"https:\/\/aqarmap.com.eg\/en\/advice\/wp-json\/wp\/v2\/media?parent=2404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aqarmap.com.eg\/en\/advice\/wp-json\/wp\/v2\/categories?post=2404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aqarmap.com.eg\/en\/advice\/wp-json\/wp\/v2\/tags?post=2404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}