IMKAN Misr has signed a contract with the First Abu Dhabi Bank (FAB) – Egypt to provide mortgage finance to the former’s customers in its development project, Al Burouj.
Under the contract, customers can receive maximum funds of EGP 15bn per unit and a payment period of up to 15 years.
CEO of IMKAN Misr Abdalla El Nockrashy said that the company seeks to provide all types of financing solutions to support its customers in making the purchase decision with utmost reassurance.
“According to the contract concluded with FAB – Egypt, the customer can obtain financing of up to 85% of the price of the ready-for-delivery units of all kinds, namely villas, townhouses, duplexes, and apartments, in the simplest possible procedures and at a competitive interest rate,” El Nockrashy added.
Meanwhile, FAB-Egypt CEO Mohamed Fayed said that the contract aims to finance the purchase of residential units which have been already delivered or those ready for delivery in the Al Burouj project.
The project is located between the Fifth Settlement in New Cairo and the New Administrative Capital (NAC), and is being implemented with a total investment of EGP 47bn.
Fayed added that the contract also provides an opportunity to further extend the mortgage loans for clients who wish to conduct more sophisticated finishing than the one agreed on initially with up to 40% of the unit’s market value. Additionally, the contract also offers extending the loan payment periods to current unit owners in Al Burouj.
El Nockrashy expects life to return to normal in the real estate sector during 2021, with an increase in sales volumes. He noted that there is a real demand for property in Egypt, especially as it will remain a safe investment for individuals and companies.
Al Burouj is located on 5 million sqm, and includes 15,000 fully-finished housing units as well as a business complex on an area of 120,000 sqm. It is the only business district to be managed through the Smart Village in East Cairo.
The project also contains the Al Burouj Sports Club, which is located on an area of 38,000 sqm, and houses the first Manchester City football academy in the Middle East and Africa (MEA) region, as well as various activities for various sports.