Mortgage in Egypt

[Mark .Y.]

Originally Posted by J4hurghada

HI JUST RECIEVED THIS FROM OASIS MARINA AND THEY ARE DOING A FINANCE PACKAGE FOR 5 YEAR PAYMENT ARE AS FOLLOWED
We recently sent you the prospectus for the beachfront Oasis Marina Beach Resort in Hurghada, Egypt.. We are pleased we can now offer a finance package, where clients may spread payments to their apartments over five years.



Extended Payment Terms



10% of the total price is payable within 14 days of reserving the apartment

This reservation fee/deposit will be refunded if clients decide not to proceed with the purchase



30% is payable within eight weeks of reserving the apartment

This payment confirms the purchase. Clients will be issued with an Agreement Contract



20% is payable on completion of the apartment



The remaining 40% is paid in 20 quarterly (5 years) instalments beginning up to five months from the date the apartment is reserved. (Quarterly payments will be due 31 March; 30 June; 30 September; 31 December.)



Early Repayment

Clients may pay for the apartment in full at any time before the final payment is due, without penalty.



If the balance outstanding is paid within three years of the date of the Agreement Contract, clients will benefit from two years' free maintenance.



If the balance outstanding is paid within four years of the date of the Agreement Contract, clients will benefit from one year's free maintenance.

But at higher initial purchase prices Jayne,

Mark .Y.

[J4hurghada]

HI mark no you are wrong the price is the same if bought for cash or finance, but you pay interest on exstented terms as with loans in this country.

[Mark .Y.]

Originally Posted by J4hurghada

HI mark no you are wrong the price is the same if bought for cash or finance, but you pay interest on exstented terms as with loans in this country.

That may just be a matter of words Jayne but in all honesty I haven't had time to check the original purchase prices against the full price payable over the extended period - any idea how much more they will work out to ?

Mark .Y.

[J4hurghada]

as you know im not an agent, i just give info on here if i can. only reason I know of the extended terms is with being a buyer of one of oasis projects, well infact the first one the oasis1 and I do have the keys to mine and have had it since june last year, so most of the processes everyone on here are going through I have been through.
Iraida have prices of apartments and also red sea properties have all the details if you look there web sites up and email them then you will know prices and they will be able to help you.

[J4hurghada]

it also says 5 year INTEREST FREE

Prices start at 24,644 for a studio that is beach front too and with 5 years interest free does not look too bad to me.

[J4hurghada]

attached latest prices for oasis marina beach due for completion 2009 with the 5 year interest FREE payment plan

This information was given by me and no other agent should use it for there own personal gain without stating that i was the one to give it. I am very good friends with iraida so i will know.

[Mark .Y.]

Originally Posted by J4hurghada

attached latest prices for oasis marina beach due for completion 2009 with the 5 year interest FREE payment plan

This information was given by me and no other agent should use it for there own personal gain without stating that i was the one to give it. I am very good friends with iraida so i will know.

That price list was emailed to me also Jayne, I don't think it is any kind of secret !!!

Mark .Y.

[Peter Mitry]

It was sent to me too!!

[realestatemart]

Originally Posted by Peter Mitry

It was sent to me too!!

its one small world so now sure all people have most of the news

[wemyss1960]

I now have details of a UK firm who can facilitate mortgages for FOREIGNERS in Marsa Alam.

rate 8% (ish) variable rate based on the euro - payable in sterling or EGP - will be currency fluctuations. max 10 year term.

Apparently there are still 'land title issues' to be resolved in the Hurghada region (banks still wary). No such issues in Marsa Alam.

I dont have any more info regarding the Land title issues - will keep you posted.