Egypt’s real estate developer Tatweer Misr has signed an agreement with First Abu Dhabi Bank (FAB) to offer mortgage facilities at competitive interest rates, and payment lasting up to 15 years for new and existing clients.
This partnership is in line with Tatweer Misr’s strategy to stimulate sales and facilitate the benefits of mortgage services, strengthening the overall purchasing power.
Under the agreement, Tatweer Misr’s clients will benefit from various financing solutions at competitive rates, whether looking to purchase housing units or to finance finishing. The bank will provide up to 85% of the price of ready-to-move-in units in its first home projects. Additionally, the new service ensures competitive interest rates, financing units up to EGP 15m with payment lasting up to 15 years.
Clients will also be able to obtain mortgages of up to 70% of the price on several of Tatweer Misr ready-to-move-in units in its coastal home projects, at competitive interest rates, and a maximum of EGP 7.5 Mn to be settled over a period of up to ten years.
This cooperation also enables Tatweer Misr’s clients to fully finish their delivered units through obtaining mortgage financing by up to 40% of the price of the unit, in addition to the possibility of extending the loan period to current owners.
Ahmed Shalaby, President and CEO of Tatweer Misr, stated, “We are pleased to sign a protocol with First Abu Dhabi Bank to provide mortgage services to Tatweer Misr’s clients. We have always strived to collaborate with the best entities in their fields to offer distinguished and high-quality services to our clients, for this reason we partnered with First Abu Dhabi Bank as it is the largest bank in the United Arab Emirates and one of the safest financial institutions worldwide.”
Tatweer Misr currently owns four major projects nationwide, varying between first home and second home projects featuring both residential and non-residential components. Its first coastal and flagship project is ‘IL Monte Galala’ located in the Galala City of Ain Sokhna, which spans over an area of 525 acres. Overlooking the Mediterranean coast, the company owns two projects: ‘Fouka Bay’ in Ras El Hekma on an area of 220 acres, and ‘D- Bay’ in El Dabaa with a total area of 200 acres. As for its first home project, ‘Bloomfields’ is located in Mostakbal City in New Cairo, extending over an area of 415 acres including 90 acres designated to become an educational zone.
Aside from the residential component, all projects owned by Tatweer Misr boast non-residential components as well such as commercial, administrative, educational and entertainment areas on a total area of approximately 5.8 million square meters.