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
