Bedaya Mortgage Finance Co., Egypt’s first non-bank online mortgage provider, announced today that it has launched Egypt’s first mobile application and online platform for non-bank mortgage financing, allowing users to seamlessly subscribe to any of the many Apply for mortgage finance offers from Bedaya quickly and easily. Through the application, users can calculate the estimated cost of their mortgage, upload documents and pay fees. The application also includes a list of approved real estate projects that clients can choose from without having to submit project-related documents. The same interface is also available on the company’s website. It is designed to be native to all devices for accessibility via desktops, tablets or cell phones.
“At Bedaya we pride ourselves on having the fastest turnaround time in the industry, so I couldn’t be more proud of the fact that we’ve been architecture and building a seamless experience through an innovative app that our clients have had since our inception providing instant access to ease their mortgage financing needs, ”said Bedaya CEO and MD, Tarek Abou Gendia. “The Egyptian mortgage market is currently both undersupplied and insufficiently penetrated. Our ultimate goal with this introduction is to expand access to mortgage financing, which is often a long and arduous process. This important gateway to finance is expected to become the secondary market as well, as it is currently a buyer’s market and is likely to remain for the foreseeable future. The market lacks affordable financing solutions like mortgage financing, which is a natural source of financing as seen in overseas markets. ”
Bedaya, a joint venture formed in 2019 by EFG Hermes, the Talaat Moustafa Group and GB Capital (the NBFI arm of GB Auto), offers a variety of mortgage financing solutions over 10-year repayment periods at competitive rates that enable customers to buy residential, commercial and administrative properties in Egypt. It finances up to 90 percent of the current property value for residential and 80 percent for commercial units, whereby the upper limit is limited to 25 million EGP or 50 million EGP. Likewise, customers can renovate their properties through the Ijarah program.
The digital drive to financial inclusion
Karim Awad, Group CEO of EFG Hermes Holding, believes that Egypt’s banking sector will play a crucial role in accelerating economic growth and that the country’s young, tech-savvy population will bring more people into the financial world
“Bedaya’s innovative online and mobile platforms are an integral part of our strategy to provide a comprehensive and diverse range of non-bank financial services that meet unmet consumer needs,” said Walid Hassouna, CEO of Non-Bank Financial Institutions (NBFI) platform EFG Hermes. “Bedaya has grown its portfolio to EGP 300 million in its first two years of operation, confirming the strength of its service offering and the real demand for its long-term and competitive mortgage financing programs. His unique value proposition, coupled with our NBFI companies’ track record of fintech solutions, give me confidence that we have the tools to get a solid foothold in the market. ”
As an important economic sector, real estate continues to be viewed as a safe haven by investors as Egypt’s population is growing rapidly and household formation continues to provide stable and sustained demand for residential and commercial real estate. More financial solutions, including developers offering long-term financing programs tailored to the needs of clients seeking both off-plan and secondary market transactions.