Cairo: Bedaya Mortgage Finance Co., Egypt’s first non-bank online mortgage provider, announced today that it has launched Egypt’s first non-bank mortgage finance mobile application and online platform, which will allow users to apply for one of Bedaya’s numerous mortgage finance offerings seamlessly and rapidly.
Through the application, users can calculate the expected cost of their mortgage, upload documents and pay fees. The application also includes a list of approved real estate projects that clients can choose properties from without having to provide supporting project-related documents. The same interface is available on the company’s website as well. It is designed to be native to all devices to ensure accessibility through desktops, tablets, or mobile phones.
“At Bedaya, we pride ourselves on having the fastest turnaround time in the industry, so I could not be prouder of the fact that since inception we have been working on architecting and building a seamless experience through an innovative app that gives clients instant access to facilitate their mortgage finance needs,” said Bedaya CEO & MD Tarek Abou Gendia. “The Egyptian mortgage market is currently both underserved and under-penetrated. Our ultimate goal with this launch is to expand accessibility to mortgage financing, which is often a long and cumbersome process. This key access to financing is also expected to see the secondary market pick as it is currently a buyer’s market and will likely remain to be for the foreseeable future. The market has been lacking the availability of affordable financing solutions such as mortgage finance, which is a natural financing venue as seen in markets abroad.
Bedaya, a joint-venture launched in 2019 by EFG Hermes, Talaat Moustafa Group, and GB Capital (the NBFI arm of GB Auto), provides diverse mortgage financing solutions over 10-year repayment periods at competitive interest rates, allowing clients to purchase residential, commercial, and administrative properties in Egypt. It funds up to 90% of the current property value for residential and 80% for commercial units, capped at EGP 25 million and EGP 50 million, respectively. Likewise, clients can refurbish their properties through its Ijarah program.
“Bedaya’s innovative online and mobile platforms are part and parcel of our strategy to offer a comprehensive, diverse range of non-bank financial services that fulfill unmet consumer needs,” said Walid Hassouna CEO of the Non-Bank Financial Institutions (NBFI) platform at EFG Hermes. “In its first two years of operations, Bedaya has grown its portfolio to EGP 300 million, attesting to the strength of its service offering and real demand for its long-term and competitive mortgage financing programs. Its unique value proposition, coupled with our NBFI companies’ track record when it comes to fintech solutions, give me confidence that we have the tools in place to gain a solid foothold in the market.”
A vital sector of the economy, real estate continues to be seen by investors as a safe haven as Egypt’s population strongly grows and household formation continues to provide stable and sustained demand for residential and commercial real estate assets. Increased financial solutions, including developers offering long-term financing schemes catering to the needs of customers seeking both off-plan and secondary market transactions.
Bedaya Mortgage Finance Company (Bedaya) is Egypt’s first non-bank mortgage provider offering digital mortgage financing facilities. It offers seamless mortgage financing solutions for clients looking to purchase residential and commercial properties in Egypt or to get financed using a pre-owned personal or business asset as collateral. With the fastest turnaround time in the market and a seamless digital mortgage platform, Bedaya works with clients as true partners to deliver tailored mortgage solutions to its ever-growing client base. Bedaya was founded in 2019 as a joint venture between EFG Hermes, GB Capital, and Talaat Moustafa Group.
For further information about Bedaya, please visit https://www.bedayamortgage.com/
For further information, please contact:
EFG Hermes Media
May El Gammal
Group Head of Marketing & Communications
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.