Contact Partners With Sakneen to Provide Mortgages for Users

Contact Partners With Sakneen to Provide Mortgages for Users

Contact and Sakneen are partnering in one of the biggest and most recent deals in the fields of real estate and mortgage, as this partnership enables clients to search for homes and finance them all in one platform.

As the real estate industry continues to develop, home buyers are finding it increasingly difficult to make one of the most important investment decisions due to the ever-increasing choices and options.

sakneen.com is a state-of-the-art search platform that helps homebuyers find their next home. Sakneen’s search engine provides users with a wide inventory of high-quality listings with accurate prices and a seamless user experience. The platform is unique in offering new properties from over 110+ developers, as well as existing homes on the secondary market. Also, users can access all the information they need to make the right investment decision – such as payment plans, 3D tours, and search filters to help users refine their search to match their needs.

On the other hand, Contact is providing the financing arm for these properties listed on the Sakneen platform, which gives clients up to 3 million EGP in finance and payment tenures up to 10 years. In addition to the many facilitations, it also offers clients services such as quick financing, customer support, and various channels that clients can pay their dues and installments.

WAYA asked Ramy Khroshed, Sakneen’s CEO & co-founder how the partnership will benefit users. He replied, “This partnership is going to help users in two big ways. The first is by really clarifying the rules according to which they lend in the real estate space, they’ve allowed us to essentially select homes and predetermine which ones are eligible for financing which allows users to very quickly determine which homes they should look at and which homes are eligible for financing. They also really streamlined the process by which you can apply and get an initial approval on your creditworthiness, so we’ve created a 48-hour process that requires nothing more than an ID to give users a quick response as to whether or not they’re eligible for the loan that they want to apply for”.

The process of obtaining a loan for home buying is usually a lengthy process that takes months to achieve.

CEO of Contact Financial Holding, Said Zater, expressed delight towards this partnership. “The real estate market is one of the key and important markets in Egypt, as it is considered one of the main investment pools for individuals. Property is essential for everyone, and we found in Sakneen the needed technological development to lead the property re-sale market. And with Contact’s financing abilities, we will open opportunities to many individuals and families to own homes they wish to buy, which will enable us to break the existing stagnation in the market due to lack of financial liquidity,” stated Zater.

Zater also pointed that Contact’s vision on developing financing services and products is parallel to Sakneen’s vision to make a breakthrough in the Egyptian real estate market. “With an advanced search engine, interactive technologies and easy financing, this partnership will be the first step to change the concept of buying and selling property in Egypt,” he stated.

Ramy Khorshed said that the aim is to change the way property is being offered to the public, which always lacked key information when listing the property on sites and platforms. “Our platform will help buyers make decisions faster and smoother, resulting in a unique and simple property buying experience” Khorshed stated. “Having Contact as a financing partner to fund the purchase of these units will contribute greatly in establishing the first digitalized home-buying experience with a powerful financing arm. Contact is a credible financer with years of experience and we believe that with a trusted name such as Contact, we will be able to make a huge change in the real estate market,” he said.

Contact’s Marketing and Digital Transformation Group General Manager, Yasmina Fahmy, sees this partnership as a game-changer for the real estate market. “We see our partnership with Sakneen as a reflection of technological advancement and digital transformation, as we believe that clients today are looking for smooth and quick solutions that are put between their hands through smartphones. And we will see a huge breakthrough in the real estate market as a result of this partnership, as it is the first step towards breaking the stagnation in the market.”

If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.