While searching for an apartment, the first thing that comes to our mind is the Apartment from the Government as it is with reasonable prices in comparison to the prices of the market; as it a helping plan to the youth.
But, the question is, what about the terms/ qualifications to have Apartment from the Government and get benefit from a mortgage? Let’s see:
- Let’s agree upon that if you are one of the low-income ones (your salary ranges from 1750 to 2500), you have the right to demand only one apartment which is a finished apartment and it is almost 90 meter and it costs 140,000 and the monthly payment ranges from 800 to 1000. However, if you are a middle-income one, you can have an apartment for investment which its monthly payment ranges from 4000 to 8000,
- If we are talking about the payment method, you shall pay 15% of the total amount. But the difference is that the installment for the low-income ones are over 20 years and 4 years for the middle-income ones.
Besides, if we are talking about the terms and the needed papers to apply For Apartment from the Government, let’s see:
- Your age shall range from 21 to 45,
- You cannot apply for more than one apartment,
- A copy of the ID in which the marital status is mentioned,
- A certificate from the social insurance; in case of being employed,
- Also, you shall have a certificate that indicates your working place and your monthly income. However, if you are a freelancer, you must get a copy from your commercial record and tax card,
- Besides, you must have almost 9000 pounds to pay it to the Housing and Development Bank to be able to apply to the offered apartments,
- Finally, you must wait for the employee from the inquires company who will come to check your status. Then you will wait for any communication from the mortgage financial fund to understand everything and to know if you are accepted or not,
- The previous steps guarantee you to be accepted. So, the only thing that remains is to prepare the rest of the money and do the other normal procedures and sign the contract.