The size of the real estate mortgage finance portfolio of the United Bank reached EGP 235m, according to the bank’s chairperson Ashraf El-Kady.
He explained that this portfolio covered 1,850 clients across Egypt, which is in response to the efforts of the state and the Central Bank of Egypt (CBE) to improve the living standard of Egyptians and propel the real estate market to function better, thus boosting the national economy.
The bank has recently announced the completion of the activation of the mortgage financing procedures electronically in all its 54 branches, and delivered contracts of a new batch of limited and middle income housing units.
According to El-Kady, clients can now go to any branch in Egypt, fill the application, and then complete the procedures for the housing units in a very short time.
On the plan of the United Bank is to expand mortgage services in 2019, he said, as that the bank is working on three main aspects.
He explained that the first axis aims to obtain a new tranche of the Mortgage Finance Fund to finance housing projects in the new cities.
El-Kady added that the second axis is based on the agreement with the real estate investment companies, which have residential projects and apply the fund’s determinants and conditions of the initiative. He pointed out that the bank initiated a residential project in the 10th of Ramadan City as part of the plan to merge the private sector through the projects of the fund.
The third axis, he continued, is to expand the provision of mortgage services for luxury housing by deepening the concept and features of mortgage financing for this segment.
The real estate finance initiative launched by the CBE aims to support the citizens of limited and middle income to start a new life. El-Kady pointed out that the property is still considered a means of safe and profitable investment in the long term, as well as the main motive for achieving social justice among citizens.
Furthermore, he added that belonging to the homeland and feeling safe through a healthy home suitable for the citizen will create a motivation to work and strive to improve the social and economic level, as well as relieve pressure and find solutions to informal settlements that have surrounded all the governorates of the republic and cause many problems.