Can you get a mortgage from an Egyptian bank as a non-resident?
Some Egyptian banks and lenders offer mortgages to foreigners, e.g. Qatar National Bank (QNB). But not all of them, so you may need to do some research to get an idea of your options.
You will likely find that a key requirement will be a residency visa and/or proof of address in Egypt. This means that it may not be possible to get a mortgage from an Egyptian bank as a non-resident. So you may need to wait until you have officially moved to Egypt.
The requirements for applying for a mortgage vary from bank to bank, but generally you will need to provide:
A valid passport and residency visa
Proof of salary/employment
Details and documents about the property you are buying.
It is not necessary to have an Egyptian bank account or an international account to get a mortgage, but it can make the process easier.
Taxes and Fees for Owning Property in Egypt
In addition to the property price, you also need to factor in the fees and taxes that may apply to your Egyptian property purchase.
Here are the basic costs you need to know about:²
Property Registration Fee – EGP 500 to EGP 2,000 depending on the size of the property
Attorney Fees – 1% to 3%
Transfer Tax – 2.5% (paid by the seller)
Real Estate Tax – 10% of the rental value, waived if the property is used as a primary home.
You should also factor in your real estate agent’s fees (if not paid by the seller) and the fees associated with your mortgage