Haram Life

Haram Life is the newest phase of Orascom Housing Communities’ (OHC) first flagship development, Haram City. Located on an area of 504,000 sq m (120 feddans) of land, Haram Life offers a new line of housing unit designs with modern architecture.  OHC’s rationale behind the newly adopted architecture is to cater to a larger pool of the Egyptian society by providing clients with an additional option when choosing their housing unit.

Haram Life allows buyers to choose from two, three, and four bedroom apartments, with all units including a living room, kitchen and bathroom. Units will be either semi-finished or finished, and are expected to be delivered to owners within the next two years.

Eligibility Criteria:
- If single, maximum monthly income should not exceed EGP 1,750 (EGP 21,000 annually)
- Maximum monthly income per family (husband + wife) should not exceed EGP 2,500 (EGP 30,000 annually)
- Eligible customers must neither own nor rent any units according to the old rent law
- Clients must not have previously benefited from the Ministry of Housing’s subsidized housing projects
- Applicant’s age must range from 21 (twenty one) to 48 (forty eight)

General Conditions:
- Only one unit is allowed per family (husband and wife)
- Units are delivered in a period from 12 to 14 months
- Units will be fully finished (painting, bathrooms and floors)
- Individuals can only sell their units after referring back to OHC or the mortgage finance company

There are three programs available for financing a unit, the installment program, the mortgage program and  the cash program.

Terms of the installment program:
- EGP 500 must be paid up front.
- An advance payment (AP) of EGP 9500 must be deposited at the bank.
- Customers can pay the installments over one or two years.
- The down-payment should be 30% of the unit price and the client should write and sign post dated checks covering the remaining payments.
- Clients should note that the final unit price differs from the original price, once the 1.33% monthly interest fee is added.

Terms of the mortgage program:
- EGP 500 must be paid up front.
- An advance payment (AP) of EGP 9500 must be deposited at the bank.
- Potential buyers must apply for a mortgage loan.
- Buyers are responsible for choosing the payment program most appropriate to them and are required to pay a nonrefundable inquiry fee to the mortgage company.
- Once the potential buyer is granted a loan from the mortgage company he/she must then provide the document indicating the amount he/she qualified for.
- The remaining down payment is then calculated and the client is asked to deposit this amount at the bank.
- A tripartite contract is then signed between the client, the mortgage provider and OHC.

Terms of the cash program:
- EGP 500 must be paid up front.
- An advance payment (AP) of EGP 9500 must be deposited at the bank.
- Potential buyers must present the necessary documents as well as the AP bank receipt.
- Potential buyers will obtain a payment order to deposit the remaining payment for the unit price at the bank. This should take place up to one month following payment of the AP.
- As a final step a contract is signed on the following day after remaining payments have been received.