6 Easy Steps to Getting an Apartment in the New Home Financing Initiative (Details)

Al-Masry Al-Youm provides readers with the steps and conditions to obtain an apartment at a rental price starting from mortgage financing by the year 2021, after low-income youth recently published Internet search engines that they want to obtain an apartment in a social housing.

And the housing unit of the Social Housing Fund and Real Estate Financing of the Ministry of Housing, New Urban Communities, and here we will explain the conditions and steps necessary to obtain financing.

The Central Bank had allocated 100 billion pounds sterling to finance apartments for young people, at an interest rate of 3%, to be repaid in 30 years.

How can I get an apartment with a grant financing system?

1- The person who wants to have an apartment requests the project with the payment of the reservation provider, in order to obtain a letter for the apartment that is assigned to him.

2- Go to the headquarters of the Social Housing Fund to deliver the apartment files and upload them to the system specified in the fund.

3- Once the preparation of the documents is completed, the fund sends the data of the housing unit to the company in order to make field inquiries about the unit, the client’s place of residence and the nature of their work.

4- The financing agencies issue a decision to start the implementation after completing the consultation, with the approval of the credit placed in the system.

5- The client’s fund is contacted after obtaining approval, to know the payment system and the required value, and complete the data.

6- In the last step, the client goes to his bank, with the aim of completing the data with him and drafting the tripartite contracts of the housing unit, so that the owner signs the contract as the first seller and the client is a second-party buyer, and that the financing agency is a third party financing the housing unit.

Preliminary conditions for obtaining an apartment through real estate financing for employees in the state.

1- Provide the applicant with salary items approved by the workplace.

2- A document is presented committing the employer to transfer the salary to the bank that will finance the apartment.

3- Present the property or lease contract of the apartment in which the applicant resides.

4- Present a copy of the marriage certificate if the applicant is married.

5- Submit a bank statement for a period of 6 months.

Conditions for obtaining real estate financing for entrepreneurs.

1- Present a certificate from a public accountant that specifies the annual or monthly income of the applicant.

2- Present an extract from the recent commercial register.

3- Present a tax card.

4- Present a lease or property contract for the place of activity carried out by the applicant.

5- A copy of the identity card, national identification number of the husband and wife and a copy of the marriage certificate will be delivered.

6- Present a property or lease contract for the applicant’s place of residence.

Steps to obtain real estate financing for non-commercial professions.

1- Present a certificate approved by the tax authority that specifies the person’s annual net income for a period of 3 years.

2- Present a tax card.

3- Present a lease or property contract for the place of activity, provided that the contract is confirmed on the date.

4- Present a copy of the applicant’s marriage certificate.

5- Present a copy of the applicant’s ID and his wife.

6- Present a property or lease contract for the applicant’s residence, or a recent escort receipt for the unit.