Mortgage in Egypt

[dave99]

Originally Posted by Big-AL

Jesus christ !!!!! what about if i have paid cash , do i still get the necessary papers or have we all bought the land owner a new apartment block which he can then rent back to us ?

I suspect that this is more about how the land owner passes over your shared freehold, eventually.

Even though there are maybe no banks in Egypt wiling to lend the basic of what is needed is known, and that includes the land owners registration documents and your contract. From what I know the BUILDING and the land have to be registered before you can borrow money as a mortgage, which means that bank taking some control of your documents that prove ownership. Without the current owner giving you thoses documents you cannot proceed.

This is NOT just for the developments mentioned in this this thread, but is a basic principal.

Maybe check here that the building been registered & approved, if so that's a good step forward.

There are potentially significant fees to be paid to get the building documents in an official state that the freehold can be passed on to the individual buyers.
.

[sinaiscuba]

National Societe General Bank Egypt has introduced new product called Aqarat. This mortgage is applicable for Egyptians and non - Egyptian either.

Does anybody has more details about this product? I have only basics from brochure, listed below.

General conditions:
· Applicable to Egyptians and Non – Egyptians residing in Egypt
· Minimum age for eligibility is 23 years, whereas the maximum age for the employed is 60 years and for the self – employed is 65 years upon financing maturity
· At least 6 months at the current occupation for employed and one year at current occupation for self employed and a total of three years working experience
· Both property and life insurance
What is the minimum and maximum finance amount I can get?
· The minimum finance amount is EGP 50,000
· The Maximum finance amount is EGP 500,000

What is the maximum finance I can get?
· The maximum finance for apartments and villas is 80% of the unit value and 65% for summer houses

What is the minimum and maximum finance duration?
· You can repay your finance over 5, 7 or 10 years and 15 years in some cases

What are the limits for the monthly installment?
· The monthly payment ranges from 25% to 40% of your gross monthly income according to your level of income and considering your other obligations.

What are the repayment methods?
NSGB Mortgage Finance Program, Aqarat offers you various repayment methods to math your capabilities; providing you with the freedom to choose among the following repayment methods:

Regular Installments
· Fixed monthly installments all over the finance duration
Regular installments with Pre – planned Bullet Payments
· Fixed monthly installments all over finance duration with the option to pay a lump sum payment quarterly or semi – annually or even annually.
Decreasing installments
· Decreasing installments value all over the finance duration.

What are the required documents for Aqarat?
In case, you are employed:
· Copy of National ID
· Recent utility bill
· HR letter
· Additional income to be supported by official documents accepted by NSGB (Rented apartment contract, Certificate of Deposit, Time Deposit, etc.)
In case, you are self – employed
· Copy of National ID
· Recent utility bill
· Last year tax declaration to Tax Authorities
· Recent certificate from authorized auditor that states net profit or monthly income
· Proof of payment for social insurance
· Recent certificate from authorized auditor stating that there are no claims in favor to the tax authority or social insurance
· Copy of taxation card
· Additional income to be supported by official documents accepted by NSGB (Rented apartment contract, Certificate of Deposit, Time Deposit, etc.)

What are the required documents related to my unit?
In case of existing cities:
· Registered title contract in the seller’s name (for registered units or building)
· Primary contract
· Property action certificate for 10 years
· Recent official list for the unit issued from the concerned revenue authority
· Construction license
· Previous ownership documents and power of attorney from the original owner
In case of new urban communities:
· Land designation decision or property contract
· Land receiving report
· Construction license for the property
· Acceptance to make mortgage in favor of NSGB
· Recent financial position from the New City Authority
· Property action certificate
In case of compounds:
· Ministerial decision or property contract
· Land receiving report
· Construction license for the property
· Acceptance to make mortgage in favor of NSGB
· Recent financial position from the New City Authority
· Property action certificate
· Primary contract between the client and real estate company

[wemyss1960]

Sinai,

Sorry cannnot find any more details.

What it does say is 'foreigners resident in Egypt'

[sinaiscuba]

I spoke with NSGB branch manager at Hadaba (Sharm) and he explained what does it mean:
- must have residency visa or extended stay
- work in Egypt (work permit not necessary, only HR letter required)
or
- have frequent transfers from UK into Egyptian account (eg. pension).

Product is completely new, introduced week ago. That's why there is no info at NSGB official web site. I was told that many real estate agents ask about this product (non of any other banks based in Egypt have something similar).

In my opinion good financing option for retired people or those who work here.

[Zeiad Yehia]

Originally Posted by wemyss1960

Here is some recent contact I had with an overseas mortgage broker.

Dear Stuart,

Further to our conversation please find a copy of our pre application form, basic guide to mortgages in Egypt and a copy of our terms of business.

Once we receive the pre app we run an affordability test and if possible issue a confirmation along with terms and conditions. Clients must use our lawyer who carries out the legals and due diligence. His costs are approximately £1,000 per property.

Our fees are £395 per property.

I have sent your details to Nett, our liaison manager and she will contact you soon regarding our introducer agreement.

I look forward to working with you.

Best regards.

Stephen Marcon.

_________________________________________

CONNECT OVERSEAS
2nd Floor, Stirling House
21-25 Station Lane
Hornchurch
Essex
RM12 6JL

Tel: 01708 676133
Fax: 01708 438712


You may also register as an introducer and earn a little commission (proc fee)


Dear Stuart


I understand from one of our Advisers that you are interested in being an Introducer for Connect and we would be pleased to welcome you.


I have attached a copy of an Introducer Agreement, signed by our Director, which will need to be completed and signed by you and a copy returned to us (preferably by email to me, or by post/fax to the office address).

Included is information about my role and how I can assist you, how to introduce clients to us and about the web tools that we can offer should you wish to take advantage of them.


I look forward to hearing from you.

Kind Regards
Jeanette Potts
Client Services (Introducer Liaison) Manager
07894 875669 (mobile)

------------------------------------------------

It is not possible to attach any docs as I have not posted enough.

check their website


regards

Stuart (UK mortgage broker - Primary Mortgage Centre)

(SEND ME A PM IF YOUR CLIENTS WOULD RATHER RAISE FUNDS BY WAY OF A REMORTGAGE IN UK)

Dear Stephen,

Please send me on zeiad.yehia@gmail.com a complete proposal of your service, inclusive or requirements, method of practice, interests according to various coverage values if applicable, mutual guarantees, in addition to your company's profile.

I think that your services can be useful to some of my clients, and in the event that every thing is in order I would be pleased to have business with you and recommend your company to my interested British clients who are not on the forum.

Thanks in advance,

Zeiad Yehia
Solicitor

[Damian George]

Hi all,

does anyone know were to start with egyptian mortgages for foreign nationals?

any help would be great

regards

Damian

[queenie40something]

Hi Damian I have merged your thread with this existing one about mortgages.

If you use the search faciltiy and type in a topic if there is a current thread it will direct you to it.

Regards

Alison

[jamesww]

Stephen,

If you are on here I would like to get a package on the mortgage process in Egypt as well. If you could send it to me at jww43@cornell.edu that would be great. I am considering a purchase in Egypt and information on the mortgage process would help me in making my decision.