Mortgage in Cairo
With almost every financial institution offering home loans at attractive rates, taking a mortgage in Cairo is now easier than ever. Since a mortgage may be the biggest financial loan you will take in your lifetime, there are some important factors you need to consider to be able to ascertain how much you should borrow, which offer to choose and how the process works.
What is a Mortgage?
A mortgage is a secured loan taken to buy or construct a house, or to refurbish an existing residential property. The borrowed sum is paid back as monthly instalments (EMIs) over a stipulated period which can be between 10 and 30 years. Shorter payback duration would mean higher EMIs.
The term ‘secured’ means that the loan amount is secured against your property. If a borrower defaults on payments, the lending bank can repossess the property to recover its money.
With so many mortgage providers offering an extensive range of products at varying interest rates, it is important to carefully consider your options before making a decision.
Benefits of Applying for a Mortgage in Cairo through MoneyGulf
By presenting the various offers available for mortgage in Cairo in a comprehensible and organised manner, MoneyGulf works as a reliable platform to compare and analyze your mortgage options.
We help you consider all the costs and features of a mortgage offer
Our experts read through the fine print of every offer to provide you all pertinent information
We help you with the groundwork required to increase your chances of securing a home loan
We help you through mortgage application, mortgage underwriting, mortgage sale, mortgage policy development or any other mortgage related requirement
Our unbiased comparison tables provide convenient access to some of the best mortgage deals on offer
Our partner banks may offer exclusive deals from time to time not offered otherwise
How to Choose a Mortgage in Cairo
When taking out any type of loan, the general tendency is to pick one with the lowest interest rate. However, there are other important factors which determine your total liability over the years. Do consider the following when choosing your home loan:
Principal amount: Ascertain exactly how much you need to borrow and for how many years so as to get a realistic EMI estimate.
Fixed rate or variable rate mortgage: A fixed rate loan charges a fixed interest rate which will not change during the life of the loan. In the latter, the initial interest rate is lower than the market rate and is increased over time.
Term of mortgage: Term refers to the number of years until your mortgage is due to be paid in full. A longer term may fetch a higher interest rate.
Processing Fees: Several banks offer ‘zero’ or minimal processing fees. Check the processing and handling fee being charged by the lender before applying.
Other Fees and Charges: Find out about the charges for underwriting, missed payment, early repayment, closure etc. before finalizing the deal.
Frequency of Interest: It’s important to be aware if the interest would be charged daily, monthly or annually.
Eligibility for a mortgage in Cairo
A borrower needs to meet the following criteria to be eligible for a home loan in Cairo:
Aged 21 years and above
Good credit history and stable income source
Furnish documentation which includes:
-Proof of identity (National ID card for natives and valid resident visas for expatriates)
-Proof of address
-Proof of income via payslips
-Recent bank statements
Use the MoneyGulf Loan Calculator to determine your EMI.