Egypt’s City Edge, Suez Canal Bank clinches mortgage finance deal

Egypt’s City Edge Developments and Suez Canal Bank have signed a cooperation protocol to support the government’s efforts to offer more mortgage facilities to citizens.

The deal aims to help citizens step onto the real estate ownership ladder or invest in them. It comes in light of the Central Bank of Egypt’s (CBE) recent initiative offering more mortgage finance plans, notably to middle and low income citizens.

Under the protocol, Suez Canal Bank and City Edge have agreed to provide convenient payment schemes for customers with the real estate developers through three systems.

The first of these provides mortgage financing to customers over a 20-year period of instalments, and at a minimum deposit of 20 percent.

The second system offers various payment plans over 10 years for units not included under City Edge’s initiative, in accordance with Egypt’s mortgage finance system and law.

The third system presents various payment plans, extending up to 10 years, to contracting clients that wish to sell units to others according to the resale system.

City Edge seeks further cooperation with other entities to develop the real estate market, its chairman Ashraf Salman announced.