1 - Eligibility Criteria

Loans refinanced by EMRC must meet the following eligibility criteria:

1. Fully disbursed loans for the purchase, construction or renovation of a residential unit;
2. EMRC will accept first liens ONLY as required by the Executive regulations of Law 148 of 2001 i.e. registered mortgages or mortgages eligible for registration;
3. The mortgage loan should at the time of refinance have a remaining life which expires on or after the maturity of the loan;
4. The mortgage loan has not been in default within the most recent 6-month period, and no payment is overdue by more than 60 days ;
5. Maximum loan to value (value being the lower of property price or appraised value) of 80%;
6. In the case of mortgage collateral, does not secure indebtedness on which any director, officer, employee, attorney, or agent of EMRC is personally liable;
7. The value per loan does not exceed EGP 3 million with the total value of loans between EGP 2 million to EGP 3 million not to exceed 10% of the pledged portfolio;
8. To the best knowledge of the Primary Mortgage Lender (PML) no bankruptcy proceedings have commenced against the borrower; and
9. To the best knowledge of the PML the borrower is not deceased;
10. The borrower is a natural person;
11. The mortgage property is insured against fire and other perils up to its full insurable value with a loss payable endorsement designating the PML as payee;
12. There should be adequate provisions in the mortgage instruments enabling the mortgagee to transfer the charge or assign all its rights and interest under the mortgage instruments to any person as the mortgagee deem fit.

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