2023-10-23 23:41:00
Commercial International Bank (CIB) offers a wide range of financing programs and various banking services, and its goal is to comprehensively meet the needs of all its customers. Among these distinguished services comes the real estate financing loan that allows individuals to access an amount of up to 1.1 million Egyptian pounds. This loan is part of… From the Central Bank initiative directed at the middle-income group.
Real estate financing loan from Commercial International Bank CIB
This loan features a low interest rate of 3%, and is designed to allow borrowers a repayment period extending over 30 years, which provides them flexibility in paying their installments and helps them achieve their real estate goals with ease. Among the advantages of this loan are the following:
The loan repayment period extends for up to 30 years, giving you great flexibility in making your repayments. Interest rates start as low as 3% and go up to 8%, allowing you to choose the option that suits your needs and financial circumstances. You can start financing with a down payment starting from Only 15% of the value of the real estate unit, which facilitates the possibility of obtaining your apartment. Free services include application fees and registration fees, in addition to the cost of evaluating the property. The bank provides free insurance on the property throughout the loan period, which provides you with protection and security. Application procedures are simple and quick, This makes it easier for you to obtain financing quickly and conveniently.
Documents required to obtain a real estate financing loan from the Commercial International Bank (CIB).
Here is a list of documents required to obtain a real estate financing loan from CIB, depending on your case:
First, for (single) employees
A copy of the national ID card. A recent companion’s receipt for the current residential address. A certificate proving net monthly or annual income from the employer. A bank statement for the last 6 months (if available).
Secondly, for (married) employees
A copy of the husband/wife’s national ID card. Proof of income for the husband/wife according to the nature of the work if he/she works. A copy of insurance if the husband/wife does not work.
Third, for (single) business owners:
A copy of the national ID card. A recent companion’s receipt for the current residential address. Financial statements from an accountant registered with the Central Bank for at least the last year. A copy of the commercial registry and tax card.
Fourth, for business owners (married couples):
A copy of the husband/wife’s national ID card. Proof of income for the husband/wife according to the nature of the work if he/she works. A copy of insurance if the husband/wife does not work.
Fifth, for self-employed professionals:
A copy of the national ID card. A recent companion’s receipt for the current residential address. Financial statements from a certified public accountant registered with the Central Bank for at least the last year. A copy of the tax card. A professional practice certificate, union membership, or commercial registry.
Sixth, for pensions or pension beneficiaries:
A copy of the national ID card. A recent companion’s receipt for the current residential address. An insurance-certified printout showing income.
An illustrative example of purchasing a housing unit within the 3% initiative:
If the price of the residential unit is: 400,000 pounds.
Down payment amount: 60,000 pounds (400,000 x 15% = 60,000).
The financing amount: 340,000 pounds (400,000 – 60,000 = 340,000).
The return rate (decreasing): 3%. The financing period is: 30 years. The value of the monthly installment is: regarding 944 pounds.
Conditions for obtaining a real estate financing loan for middle-income people from the Commercial International Bank (CIB).
Real estate financing loan financing for the middle-income group is granted by the Commercial International Bank – CIB according to the following conditions:
Maximum monthly net income
Up to 10,000 pounds for a single person. Up to 14,000 pounds for a family.
interest rate
Interest rates of 3% apply.
Administrative fees
It includes administrative expenses of up to 1% of the financing value, other than the Social Housing Fund and Real Estate Finance Support.
Premiums to income ratio
The percentage of total installments must not exceed 40% of the net monthly income.
Real estate unit conditions
The unit must be fully finished. It must include the necessary basic facilities. The bank pledges to provide these conditions with the aim of supporting middle-income people and enabling them to access the opportunity to own a property on favorable terms.
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