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. The units, ranging in size from 86m² to 132m², 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 (59 Qudat City, 8th District).
Facilitated Booking & Competitive Payment Plans
El-Sherbiny emphasized that this initiative aligns with government directives to provide affordable housing for all income groups while ensuring easy reservation procedures, investment opportunities, and competitive advantages.
Engineer Hisham Darwish, Advisor to the Ministry and Head of the Housing Finance Fund, confirmed that the terms and conditions booklet is available at the Nasr City office, and reservations will open on Sunday, February 16, 2025.
Payment Structure
- Booking fee: EGP 100,000 + 2% administrative fees per amount paid.
- Within one month of booking: Payment of 20% of the 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
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- Two-year installment plan: Equal quarterly payments with zero interest, starting three months after handover.
- Three-year or five-year installment plan: Equal quarterly payments with Central Bank interest + 2% administrative fees, with post-dated cheques required before handover.
- Mortgage financing option: Buyers may opt for real estate financing programs, following the official regulations, while adhering to the installment schedule until mortgage approval.
This offering provides a unique investment opportunity and supports the housing needs of various social segments through flexible financing options and structured payment pla
