By Eman Hamed
El-Batal Group for Housing and Development signed a Cooperation Protocol with the Qatari National Bank (QNB Alahli) to offer mortgage finance to 600 units in the company’s compounds “Rock Eden” in the 6th of October and “Rock Vera” in 5th Settlement District.
All the units are fully finished according to conditions of mortgage finance in Egypt.
The cooperation came as a part of the vital role played by El Batal Group in facilitating and offering high-quality service to its clients according to the directives of the state and the Central Bank of Egypt (CBE) initiatives and complying with the country’s strategy in supporting mortgage initiative with low interest in order to provide residential units to all income levels.
The Cooperation Protocol stated interests of 3% and 8% in case of applying for the mortgage finance initiative.
El-Batal Group CEO Eng. Emad Doss, QNB Alahli CEO Mohamed Bedier, and associated teams from both sides attended the contract signing.
Doss stressed on the importance of mortgage finance initiatives in supporting the national economy generally, and the real estate sector specifically; as one of the vital sectors in the Egyptian economy and its improvement affecting other economic sectors, therefore, complying with the implementation of the country’s sustainable development strategy through constructing new urban communities.
He asserted that it is necessary to intensify efforts to support Egypt’s sustainable development strategy, saying “We are very keen on supporting all the initiatives that could create a better life for the Egyptian citizen, especially when it comes to providing a suitable home and easing the process of owning it”.
He added that the client will pay a deposit of 20% of the total amount of the residential unit and gain a mortgage finance period up to 30 years.
For his part, QNB Alahli CEO Mohamed Bedier said that offering mortgage finance on a long period and subsidized percentage of interest is considered as a gain to mortgage finance market as it is one of the most important mechanisms to revive the economic market in Egypt.
He added “The signed protocol with one of the leading companies in the real estate market is complying with the bank’s strategy that aims to support the real estate market specifically, and implementing the directives of the Central Bank of Egypt (CBE) in general.”
He noted “This comes in addition to reviving and increasing the mortgage finance section in the bank and meeting the needs of clients from both sides. We have designed the best funding offers for this cause”.