The Ministry of Housing, Utilities, and Urban Communities has announced the payment methods for free housing apartments in New Suez City, which are being offered in several new cities and governorates.
Free Housing Apartments
The payment methods include the following:
Payment is made using the account number (the application form number obtained during online registration) at the Housing and Development Bank, Mohandessin Branch, through one of the following methods:
- Transfer from the customer’s account in any bank within Egypt via the ACH system.
- Transfer using SWIFT (SWIFT code: HDBKEGCAXXX).
- Internal transfer from another account within the Housing and Development Bank.
- Payment through the Fawry service (via Fawry branches or a bank card) using a payment code that will be sent via SMS.
- If customers prefer to use other payment methods instead of Fawry, they can simply ignore the text message.
The transfer must include the following information:
-
Name of the beneficiary of the transfer
-
Full name of the applicant
-
Valid national ID number (14 digits)
The ministry has specified the following payment plans for the apartments:
-
Reservation Down Payment: EGP 151,000 to be paid as a lump sum, which includes EGP 150,000 as a reservation deposit and EGP 1,000 as a non-refundable registration fee.
-
Completion of Reservation Payment: 20% of the total unit price must be paid, along with 1% as administrative fees and 0.5% for the benefit of the Board of Trustees, within two months of notification.
-
10% Payment Upon Delivery: 10% of the total unit price must be paid, along with the maintenance deposit, upon receiving the unit.
-
Payment of the Remaining Amount: The remaining 70% is to be paid in quarterly installments over 3, 5, or 7 years, with added interest based on the Central Bank of Egypt’s announced rate, plus 2% as per the Ministry of Finance’s instructions and 0.5% collection fees. The first installment is due three months after receiving the unit.