I wonder if you want to write off your apartment and are strapped for money, what do you do? Are there specific banks that offer apartment finishing loans in 2025? How long will this loan last? How can you get it in the easiest way possible? We will tell you all the details in this report, so stay tuned until the end.
A wide sector of citizens are looking into the procedures for obtaining a loan to finish their apartment, residential unit, or commercial shop, and certainly among the many bank offers, they seek a loan with the lowest possible return and the longest repayment period.
This is what Faisal Islamic Bank offers as part of its banking services that can be used after meeting some conditions for the person who intends to take the loan.
For this reason, Faisal Islamic Bank of Egypt revealed, on its official Facebook page, the advantages of financing the finishing of residential units and building materials that the bank makes available with the lowest competitive return and the longest repayment period of up to 10 years, using the Islamic Murabaha system.
One of the most important terms of the loan is financing under the Sharia Murabaha system in accordance with the provisions of Islamic Sharia. The loan also reaches 500 thousand pounds for finishing residential units and one million pounds to finance building materials.
This financing reaches 90% of the finishing or construction costs, and the repayment period is up to 10 years, but the client’s minimum income must be 3,000 pounds.
Among the conditions of the loan, the customer’s age must not be less than 21 years, and here the administrative expenses are 0.5% of the financing value, paid only once throughout the repayment period.
Also, it is possible to deal with rental units according to the law (old or new rent), provided that the installment period does not exceed the rental period.
We come to the required documents, which are a valid national ID card, a recent facilities receipt for the place of residence, and also a certificate of the monthly salary approved by the employer. For owners of commercial activities and self-employed professions, a certificate certified by a chartered accountant is presented with the total annual revenues and net income.
A guest on Doll, a bank statement for 6 months (if available). Documents related to the residential unit or the land subject to financing, building permits, and a price quote at the cost of finishing/construction from the supplier are also required.
If you think that you need this loan and meet the conditions, prepare your papers and go to any Faisal Islamic Bank branch near you.
