The Ministry of Housing, Utilities, and Urban Communities continues its efforts to provide housing units that meet the needs of various social groups. Minister Sherif El-Sherbiny has announced the opening of reservations for 320 fully finished residential units in the Second District Extension of Obour City, starting Sunday, February 16, 2025. He clarified that reservations will be made on a first-come, first-served basis through the Housing Finance Fund in Nasr City, with flexible payment options to ease the financial burden on citizens.
Details of the Unit Offering
Regarding the offering details and payment plans, the minister stated that the available units could be up to 132 square meters, aligning with the ministry’s plan to provide suitable housing for eligible groups, following the directives of the political leadership. He also mentioned that reservations will be conducted at the Housing Finance Fund headquarters in Nasr City, where applicants can obtain the terms and conditions booklet.
In this context, Engineer Hisham Darwish, Advisor to the Minister of Housing and Chairman of the Housing Finance Fund, explained that reservation procedures include an initial deposit of EGP 100,000 as a booking commitment and a 2% administrative fee. Applicants must complete 20% of the total unit price within one month from the reservation date, including administrative expenses. Subsequently, a 10% contract installment is required after three months, followed by another 20% upon handover three months later. As outlined in the terms booklet, a 5% maintenance deposit and garage subscription fees will also be applied.
Flexible Payment Options
Darwish emphasized that the ministry provides multiple payment options. Applicants can choose to pay over two years without interest through quarterly installments or opt for a three- or five-year plan with an interest rate set by the Central Bank, plus an additional 2%. Postdated checks will be required for the total amount. Moreover, applicants can benefit from real estate financing programs according to the approved terms and conditions.