City Edge Developments announced it has signed a cooperation protocol with Al Tameer Mortgage Finance – Al Oula, to provide several types of mortgage finance for its clients.
This will ensure that the mortgage financing services it provides will offer different payment systems of up to 20 years for City Edge clients and the Central Bank of Egypt’s (CBE) mortgage initiative clients.
City Edge Developments Chairperson Ashraf Salman praised the government’s efforts in boosting Egypt’s real estate sector.
He added, “At City Edge, we put our customers on our list of priorities, and accordingly we have sought in cooperation with Al Oula to participate in the CBE initiative that would contribute significantly to the recovery of real estate market in light of the coronoavirus outbreak.”
Al Oula Chairperson Hassan Hussein said, “Through this protocol, Al Oula offers three payment systems for City Edge clients, with a maximum 80% of the housing unit value.”
He noted that the first system is for individuals covered by the CBE initiative, as it provides them with a mortgage financing system for fully finished and ready-to-move units with a payment system up to 20 years.
“The second payment system is applied to residential units that are not covered by the CBE mortgage finance initiative, with a payment period for this system of up to 10 years,” Hussein added. “The third system includes the same category of clients who want to sell units to others, or who wish to obtain financing for their units through sale or lease.”
City Edge Developments is developing, managing and marketing several real estate projects in Sheikh Zayed, New Alamein and New Mansoura. These projects are in addition to a number of residential, commercial and administrative projects in the New Administrative Capital (NAC).