1- What happens if the client hasn't been able to pay the mortgage installments?

In case the client is unable to pay, Tamweel should be informed immediately, since delinquency of more than two
installments could result in Tamweel taking foreclosure measures according to the provisions of the Real Estate Finance Law no. 148 of 2001, its executive regulations and amendments.


2- What should your proof of income include?

If you are employed in the private sector, the public sector, government entity or other, then the income statement should include the salary breakdown (net and gross), position, employment date, employer's seal and signature of the manager in charge. If you are a professional, you can present a certificate from the Taxation Department or a chartered accountant that indicates your income subject to taxation within the preceding three years or any other document accepted by Tamweel.


3- What is the importance of insurance policies?

On securing mortgage financing, a life insurance policy shall be taken out to cover death, or total or partial disability. In such cases, the insurance company shall pay the balance of the mortgage and the property’s ownership shall transfer to a beneficiary specified by the borrower. In addition, the property shall be insured against fire so as to be restored to its initial condition for the purchaser and Tamweel.


4- What is the tripartite contract?

Tripartite means 3-way. A tripartite agreement is one among 3 parties: the seller, the purchaser and the financier.


5- What are the benefits of taking out a mortgage to finance my home purchase?

• Longest possible payment duration compared to any other financing system (up-to 20 years).
• Ability to finance up to 80% of the residential unit value.
• Possibility of early pre-payment of the loan.
• Mortgage conditions that best fit your situation, such as advance payment and monthly installments.
• Possibility of selling the residential unit at the current market value.


6- Who is eligible for mortgage financing?

Everyone who is at least 21 years old has the intention to purchase a residential unit and can present evidence of sufficient income is eligible to apply for a mortgage loan.


7- How long does it take to approve a mortgage?

Once all legal and verification documents are submitted, the loan approval process usually takes approximately one week.


8- What is the maximum loan amount can I take?

The monthly repayment amount has specific constraints to make sure that you are not taking a more expensive mortgage than you can afford. These percentages cannot be exceeded, and they are as follows:
• 25% of your monthly income if you are a low-income earner and a beneficiary of the Mortgage Finance Guarantee and Subsidy Fund.
• 40% of your monthly income if you are not a beneficiary of the Mortgage Finance Guarantee and Subsidy


9- Does Tamweel have the right to make maintenance spot checks?

Yes, Tamweel can make spot checks on the unit to monitor the investment.


10- How can you benefit from the mortgage financing Guarantee and Subsidy Fund (GSF)?

The Guarantee and Subsidy Fund (GSF) grants subsidizes to low-income individuals wishing to buy housing units, by lowering the mortgage to an affordable level.
o The Fund’s current contribution is 15% of the value of the unit to a maximum of LE 10,000.
o This form of subsidy reduces the monthly installments to a level not exceeding 25% of the monthly income of the home buyer.


11- Is it obligatory to register property after obtaining finance?

This is to preserve your rights and have official evidence of ownership of the property in case of future disputes. Registering the property allows it to be used as collateral until a mortgage is paid down. After registration, the property owner's role ends and you become the new owner. The relationship between the borrower and Tamweel lasts until the final mortgage installment payment is done.


12- Is it possible for pensioners to get mortgages?

It is possible to secure a mortgage for an individual in early retirement, provided the total financing value is paid before the client reaches the maximum age which is 65 years old.


13- Is it possible that the contract is in the name of both spouses even if one only is obliged to make the payments?

Yes.


14- Is it possible that the purchaser writes checks in case he is unable to provide all income
evidences?

Checks are used as a means of collecting installments but not as collateral. Promissory notes or bills can be drafted as collaterals also, but either of them is not considered a source for increasing the finance.


15- Is it possible to add a parent's or spouse's income if the applicant does not have a job?

Yes.


16- Where do I go to make my property installments?

An account for every client shall be opened in the premises identified by Tamweel wether to pay directly to Tamweel or through Tamweel's Accounts with banks or the collection company will collect monthly that instalments.


17- Is it possible to rent or sell the property during the mortgage time?

Yes, through informing Tamweel of the desire to sell the property or rent it out.


18- Is it possible to fulfill installments in a single payment?

The outstanding balance could be cleared with a single payment to reduce the financing cost or by making more than one installment payment in agreement with Tamweel, but a penalty will be applied on the investor.


19- Is it possible to present other income evidence?

Yes, such evidence can include deposits, investment certificates, and contracts of other apartments, agricultural-lands ownership contracts, tax declaration or a certificate from a chartered accountant.


20- Shall insurance be paid on one installment or during the mortgage term?

The insurance premium is added to the monthly mortgage installments throughout the life of the mortgage.


21- Should the client conclude a power of attorney in favor of Tamweel prior to signing the unit contract?

Yes, a power of attorney should be concluded in order to proceed in the registration and mortgage procedures to the benefit of Tamweel.


22- Should the selected property be registered?

Yes, you should only consider buying property that is already registered or is subject to registration. The appropriated lands with no ownership deeds, properties in the informal regions, and violating buildings are deemed not subject to registration.


23- What does foreclosure mean?

It is the process of transferring ownership of the property by auction to another purchaser in favor of the financier in fulfillment of the first purchaser's debt


24- Who is an appraiser?

The person who determines a property’s fair value, and is licensed and certified as an appraiser with the MFA.