Recently, Nawy secured the mortgage license for Nawy Now from Egypt’s Financial Regulatory Authority (FRA). This means that you can currently get any property in Nawy Now’s inventory and pay with a flexible payment of up to 10 years of installments.
What is the mortgage system? How does Nawy Now work? Keep reading to learn the answers to all that and much more!
Nawy Now
On a mission to become the central hub for all real estate transactions in the country and the region, Nawy is constantly introducing cutting-edge solutions to the market. One of the ground-breaking solutions it offers is Nawy Now.
Basically, Nawy Now is a mortgage system; that allows you to get your dream property from a vast inventory of units varying in types, sizes, layouts, locations, and prices, then move in right away and pay with a flexible plan.
Before we tell you about the FDA approval, let’s take a quick detour and talk about the mortgage system itself.
What is a Mortgage?
Simply put, a mortgage is a loan used to purchase a property; whether it’s residential, commercial, administrative, or medical. This system drastically eases the financial burden of purchasing a new home or investing in a property.
Despite its importance, the Egyptian market lacks this service. To put that into perspective you should know that in 2023, the primary real estate market was valued at over 800 billion EGP, while mortgage financing stood at only 10.4 billion EGP.
This huge gap can be traced back to the payment plans offered for primary properties.
This raises an important question; why would someone get a resale property with a mortgage instead of a primary property? The answer is found in the delivery date.
With a mortgage system, specifically Nawy Now, you won’t have to wait for years to get your property, like primary properties.
On that high note, let’s get to the main event of the day – the FDA approval of Nawy Now.
Nawy Now FDA Approval
Recently, the Egyptian Financial Regulatory Authority approved the mortgage license of Nawy Now, allowing the company to start offering mortgages on a wide range of units.
Commenting on that, Nawy’s Co-Founder & CEO, Mostafa El Beltagy said “With the government support and focus on growing the mortgage finance, Nawy plans to play a pivotal role in driving this agenda forward and becoming a key player in the sector.”
He went on to add that the company will hand-select the resale properties eligible for the Nawy Now service and these properties will mirror developers’ payment plans and offer highly competitive prices.
It is also worth noting that the Managing Director of Nawy Now, Omar El-Barouny, emphasized the company’s commitment to flexibility by saying “With approval cycles as short as one day, competitive prices compared to the off-plan projects, flexible payment plans up to 10 years, and fixed installments, clients can secure their dream properties and enjoy immediate, hassle-free move-ins”
All in all, Nawy Now is a fast track to your dream property!
Visit Nawy to find your dream home and get it with a seamless experience.
