{"id":6624,"date":"2022-08-10T17:07:11","date_gmt":"2022-08-10T15:07:11","guid":{"rendered":"https:\/\/advice.aqarmap.com.eg\/en\/?p=6624"},"modified":"2022-08-10T17:20:30","modified_gmt":"2022-08-10T15:20:30","slug":"real-estate-financing-for-high-egyptians-abroad","status":"publish","type":"post","link":"https:\/\/aqarmap.com.eg\/en\/advice\/real-estate-financing-for-high-egyptians-abroad\/","title":{"rendered":"Real estate financing for Egyptians abroad"},"content":{"rendered":"

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The Egyptian government has announced many initiatives for housing mortgages to allow more youths to buy houses with the least interest rates and long payment plans. The presidential initiative for housing mortgages announced that the interest rate is 3% and the duration of payment plans is up to 30 years for limited-income individuals. As for average-income individuals, the interest rate is 8%.\u00a0<\/span><\/p>\n

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This initiative is also applicable for Egyptian expatriates who are working abroad and also fulfill the requirements needed to reserve a unit.<\/span><\/p>\n

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\"Egyptians<\/p>\n

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Requirements for Egyptian Expatriates to Apply for Housing Mortgage<\/span>\u00a0<\/span><\/h2>\n

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Aside from the units of the Ministry of Housing and Development, Egyptian expatriates can apply to buy other units in Egypt so long as they fulfill the following requirements:<\/span><\/p>\n

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  1. The applicant\/beneficiary is Egyptian<\/span><\/li>\n
  2. Their age has to range between 21-60 years old<\/span><\/li>\n
  3. The unit has to be registered in the Real Estate Registry or at least registrable without any violations<\/span><\/li>\n
  4. The unit must be fully finished and ready for residence and the applicant is planning on residing as the unit is not allowed for it to be seasonal and\/or tourist<\/span><\/li>\n
  5. The residential block has to be legally registered to a real estate developer, a bank, or an individual<\/span><\/li>\n
  6. After the application, one of the officials is responsible for evaluating the given unit to see if it is newly established and whether it reflects its value<\/span><\/li>\n
  7. The applicant then must pay a 10%-down payment to prove commitment\u00a0<\/span><\/li>\n
  8. It has to be the applicant\u2019s first time to obtain any form of housing mortgage and none of their family members have obtained it before<\/span><\/li>\n
  9. In case of applying for the \u201c3%\u201d track in housing mortgage, the applicant has to pay the full amount in 30-year time or when they reach retirement and the beneficiary should not exceed 75 years old before completing the payment plan<\/span><\/li>\n
  10. The beneficiary is given a life insurance<\/span><\/li>\n<\/ol>\n

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    Required Document from Egyptian Expatriates<\/span> to Apply for Housing Mortgage<\/span><\/h2>\n

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