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SODIC, CIB ink mortgage finance protocol

SODIC, CIB ink mortgage finance protocol

ArabFinance: Six of October Development & Investment (SODIC) (OCDI) has signed a protocol with Commercial International Bank Egypt (CIB) (COMI) to provide a mortgage finance programme for SODIC’s clients, according to a press release.

The programme will offer various payment plans for delivered units as per the terms and conditions of the Egyptian mortgage finance law, SODIC revealed.

This will enable SODIC’s clients of purchasing ready-to-move-in units that are available for sale at SODIC’s various projects over a duration of up to 20 years, the real estate developer highlighted.

As per the protocol, the current clients of SODIC can offer their units for sale via SODIC’s website to resell their units, offering an extended payment plan, the company added.

Last Thursday, SODIC announced that the Sheikh Zayed City Development Authority approved the offer submitted by its subsidiary Al Yosr for Projects and Real Estate Development to acquire a 123-acre land plot in West Cairo.

It is worth noting that a senior official at SODIC recently told Enterprise that the company is looking forward to resuming sales and collection on its 500-acre land pot located in New Zayed imminently.

SODIC previously announced that it received a letter from the Sheikh Zayed Development Authority to be informed that the position of the New Zayed’s plot has been presented to the New Urban Communities Authority’s (NUCA) board of directors.

Established in 1996 and listed on EGX in 1998, SODIC operates within the real estate sector, focusing on development projects and operations.

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