FAB offers special mortgage programs to IMKAN Misr’s Al Burouj clients
IMKAN Misr has signed a contract with First Abu Dhabi Bank (FAB) – Egypt to provide mortgage financing to clients of the first as part of its development project, Al Burouj.
Under the contract, customers can receive funds of up to EGP 15 billion per unit and a payment period of up to 15 years.
IMKAN CEO Misr Abdalla El Nockrashy said the company seeks to provide all types of financing solutions to help its customers make the purchasing decision with the utmost confidence.
“According to the contract with FAB – Egypt, the client can obtain financing up to 85% of the price of ready-to-deliver units of all kinds, namely villas, townhouses, duplexes and apartments, from the simplest way possible. procedures and at a competitive interest rate, ”El Nockrashy added.
Meanwhile, FAB-Egypt CEO Mohamed Fayed said the contract aims to finance the purchase of residential units already delivered or ready for delivery in the Al Burouj project.
The project is located between the Fifth Colony in New Cairo and the New Administrative Capital (NAC), and is being implemented with a total investment of EGP 47 billion.
Fayed added that the contract also offers the possibility of further extending mortgages for clients who wish to carry out more sophisticated finishes than initially agreed with up to 40% of the market value of the unit. In addition, the contract also proposes to extend loan repayment periods to current owners of units in Al Burouj.
El Nockrashy expects life to return to normal in the real estate industry in 2021, with increased sales volumes. He noted that there is a real demand for property in Egypt, especially since it will remain a safe investment for individuals and businesses.
Al Burouj is located on 5 million m², and comprises 15,000 fully finished housing units as well as a business complex covering an area of 120,000 m². It is the only business district to be managed by the Smart Village in eastern Cairo.
The project also contains the Al Burouj Sports Club, which is located on an area of 38,000 m2, and is home to Manchester City’s first football academy in the Middle East and Africa (MEA) region, as well as various activities for various sports.