# Mortgages



## bboyjihad (Aug 16, 2012)

Hi guys, My wife and I want to buy an apartment in Cairo and are curious about securing a mortgage. I am aware that Amlak and Tamweel offer mortages to foreigners but does anyone else know any other options for secuing a mortgage?

Personal info:
I am a British citizen.
My wife is an Egyptian citizen.
I have been living and working as a teacher in Egypt for 5 years and intend on remaining in Egypt indefinately.

Thanks for your help.


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## bboyjihad (Aug 16, 2012)

MassEgypt said:


> Lots of banks do offer tamweel aqqary. Depends on place and location. U can also get a personal loan and use it towards ur purchase.
> How much r u thinking of mortgaging?


Hi, I wanted to buy an apartment around 500000EGP and pay a 20% deposit 
(100000EGP). I tried some banks but they said they did not lend to foreigners. It's very frustrating as I can easily afford to pay monthly installments of between 8000-10000EGP/month so would pay off the mortgage in less than 5 years. But it's very difficult finding a bank/company that is willing to lend me the money. 

What do you mean by tamweel aqqary? Also, what would you recommend is my best option considering I have 100000EGP deposit and can pay 8000-10000EGP/month?

Thanks for the advice, much appreciated.


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## bboyjihad (Aug 16, 2012)

Sorry I forgot to mention, I live in Al Rehab City in New Cairo and intend on purchasing property in the New Cairo area, preferably in a compound.


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## bboyjihad (Aug 16, 2012)

My wife does work but her salary is significantly lower and would not be enough to secure a mortgage loan. If the loan was in her name would the banks take my salary into consideration? I thought they would only look at her salary? 

We looked at rehab and madinaty compounds who offer instalments but it would work out that we would pay 800,000 EGP for a 100m2 apartment which is ludacris. It would be much better if we could secure a cash loan and buy an apartment cash from someone who is moving out, we would save alot of money and could also move in straight away (I would then get a housing allowance from my school) whereas with rehab and madinaty, we cannot take the keys for 4 years.


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## bboyjihad (Aug 16, 2012)

I did ask in 2 banks, NSGB and Citibank but they said no :-( but i will try the others, you never know.
Regarding area, my wife and I don't really want to move out of New Cairo. The main reasons are firstly, we only have 1 car and I work in Rehab so at the moment i can walk to work and my wife can have the car. Also, we're planning on having kids soon insha'Allah and we would like them to grow up in rehab-like areas if u get what i mean, more green, security, close to school, etc. I know I will end up paying more for this luxury but it's really important to us. 

I am keen to discuss your 'tricks' lol. Can you shed any light on these?

Thanks again.


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## bboyjihad (Aug 16, 2012)

MassEgypt said:


> Another is to push your personal loan to the area of 300-400k.
> Also can you look into getting a loan from UK?
> My friend got a jumbo loan from the US when he bought his apartment. it was a good move.


Thanks again for your advice, I really appreciate it!

1. Loan form UK is impossible as I must be a resident with my salary going into an account there.

2. Regarding the HR letter. Unfortunately I don't know anyone who has a company which could do this. Plus a little worried that they will question her regarding her abnormally large salary, for an Egyptian woman. Don't the banks look into this stuff? I'd be too worried! :-o

If you have any other suggestions please throw them my way!

Thanks a bunch!


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## txlstewart (Jun 20, 2010)

Yes, being deceitful and blatantly lying is such a good thing. No wonder why Egyptians have a less than stellar reputation.


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## expatagogo (May 31, 2010)

MassEgypt;8724she earns what you earn. this way you pay what you plan to pay but under her name.[/quote said:


> Your credibility level just plummeted.


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## MaidenScotland (Jun 6, 2009)

MassEgypt said:


> cheapest way is to have your wife get a land and build but that would take a year or so.
> If you want to move in right away stay awy from areas "liked" by expats. People who built them know they are liked by expats and they double the price. You can easily get an apartment in good areas in Heliopolis, Dokki, Mohandesseen, Nasr City for 500k.
> 
> I would ask in banks to see if they would add your earnings to her. this is the easy way. There are other tricks which we can later discuss.




They are not tricks they are illegal and as so please do not promote them on this forum


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## marenostrum (Feb 19, 2011)

MassEgypt said:


> real estate in Egypt is an excellent investment. It never loses value (at least not in the last 30 years), and you dont pay taxes. so its an excellent investment.


You should not be dispensing such poor advice on a public forum.
To the OP, this advice is totally wrong.

btw, hows it hanging Horus?


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## MaidenScotland (Jun 6, 2009)

MassEgypt said:


> This is not deceitful or illegal.
> Read the law.
> If i show u a case now of a fake HR, and u report it to s bank, the bsnk will not seek legal action and bank will not do so.
> Banks hsve your information and will cone after you personally. The issue at hand here is that lots of people make money buy CANNot prove it. Banks just want to make sure u will be sble to pay. What if i can but cant prove it?
> ...




If you are making money legally then you should be able to prove it...


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## MaidenScotland (Jun 6, 2009)

MassEgypt said:


> In theory yes.
> In reality, not really.
> I know an editor who works in TV and mefia, his basic salary is low but his commission is very high (almost four times his salary). Yet its not recorded from outside work.
> I can give you tons of other examples. Not all people work as employees in a company or school.




and that is one of this countries problems..


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