Ayman Abdel Hamid — the Managing Director and Vice Chairperson of Al-Taamir Mortgage Finance’s Al-Oula — revealed that the company plans to launch a mobile application that allows customers to apply for mortgage financing and take advantage of the company’s services.
Abdel Hamid said that the company offers its services to customers through the website as well, and customer can send their data and documents pertaining to the units they are interested in purchasing through the application. The company notifies the applicant with the required documentation. Once everything is done on the company’s part, they contact customers to visit a branch to sign the final contract.
He explained that the new application is expected to be completed over the next five months, noting that the cost of the application has not been determined yet, but the company is in the process of preparing initial cost of cooperation with the IT Department.
Abdel Hamid also pointed out that the company has a strategy for technology as an alternative to opening branches, which enhances access to the largest number of dealers in all governorates, disclosing that the company has seven administrative and sales headquarters.
Al-Oula has a large number of customers within the former national housing project and current social housing project from low and middle-income customers. Additionally, the company allows these customers to pay their instalments through online portfolios, Abdel Hamid disclosed.
“Moreover, the company aims to acquire a share of up to 25% of the volume of mortgage financing that will be granted in the market in 2023. Al-Oula’s share in terms of funding is currently 17.7%, and the company’s share in indebtedness balance is about 20.8% to date,” he concluded.
