Minister of Housing, Utilities, and Urban Communities, Engineer Sherif El-Sherbiny, has announced the launch of 320 fully finished residential units in the Second District Extension of Obour City, with unit sizes ranging from 86m² to 132m². These units will be sold on a first-come, first-served basis through the Housing Finance Fund, with applications to be submitted at the fund’s headquarters in Nasr City.
El-Sherbiny emphasized that this initiative aligns with the government’s commitment to providing suitable housing options for all income groups.
Booking and Payment Details
According to Engineer Hisham Darwish, Advisor to the Ministry and Head of the Housing Finance Fund, applicants can purchase the terms and conditions booklet from the fund’s Nasr City office. The booking process will commence on Sunday, February 16, 2025, at the same location.
Payment breakdown:
- Booking fee: EGP 100,000 + 2% administrative fees per amount paid.
- Within one month of booking: Payment of 20% of the total unit price + 2% administrative fees.
- Three months after completing the 20% payment: A 10% contract installment is due.
- Three months after contract payment: An additional 20% handover installment + 5% maintenance deposit and garage subscription fee as per the terms.
Remaining Balance Payment Options:
- Two-year plan: Equal quarterly installments with zero interest, starting three months after handover.
- Three-year or five-year plan: Equal quarterly installments with Central Bank interest + 2% administrative fees, with post-dated cheques required before unit handover.
- Mortgage financing: Buyers may opt for real estate financing programs based on existing regulations, but must adhere to the installment schedule outlined in the terms booklet until mortgage approval.
This initiative is expected to provide affordable, high-quality housing for a diverse range of buyers while ensuring flexible financing options.
