Engineer Sherif El-Sherbiny, Minister of Housing, has announced the launch of reservations for 320 fully finished residential units in the Second District Extension of El-Obour City, starting February 16, 2025. The unit sizes reach up to 132 square meters, and sales will be conducted on a first-come, first-served basis through the Housing Finance Fund. This initiative aligns with the political leadership’s directives to provide housing units suitable for different income groups, with flexible reservation and contracting processes. El-Sherbiny emphasized the importance of offering investment opportunities, competitive advantages, and easy payment plans to meet the needs of targeted beneficiaries.
Engineer Hisham Darwish, Advisor to the Ministry of Housing, stated that the reservation booklets for these units are available at the Housing Finance Fund headquarters in Nasr City. The reservation process will officially begin on February 16, 2025. To secure a unit, applicants must pay a booking deposit of EGP 100,000 and a 2% administrative fee. Within a month of booking, 20% of the unit price and an additional 2% administrative fee must be paid. After three months, a 10% contracting payment is required, followed by another 20% payment upon receipt of the unit three months after the contracting payment. A 5% maintenance deposit and a garage subscription fee must be paid.
The Chairman of the Housing Finance Fund explained the payment options for the remaining unit cost. Buyers who opt for full payment within two years can do so interest-free, with quarterly installments starting three months after receiving the unit. For those choosing a three- or five-year payment plan, an interest rate equivalent to the Central Bank rate plus 2% will apply, with payments beginning three months after receipt. Postdated checks must be provided before receiving the unit. Additionally, applicants can use the mortgage finance program by the applicable regulations.
