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Palestine Mortgage & Housing signs with Union Construction & Investment an agreement for an exclusive financing to "Al Etihad" and "Arcadia" suburbs

2009-08-06

Ramallah- Palestine Mortgage & Housing Company signed yesterday an agreement with Union Construction & Investment Company for financing the interested in purchasing housing units in  "Al Etihad"  in Surda and "Arcadia"in Al Masyoun. The agreement was signed by Issa Kassis the General Manager of Palestine Mortgage & Housing and Mohamad Sabawi the General Manager of Union Construction & Investment in the halls of Real Estate Exhibition. Under this agreement; Palestine Mortgage & Housing will be the accredited exclusive creditor for purchasing the housing units (63 units in Al Etihad and 29 in Arcadia) by long term loans with fixed interest rates of (%6.96) until the year 2019which is less than the market rate, within the accredited banking network by the company. Mohamad Sabawi expressed his appreciation for Palestine Mortgage & Housing response with Housing sector"s requirements and their continuous and serious trials to raise the culture of possessing houses in Palestine. He said that this financing agreement between the two companies would lower the costs for these interested parties, as it is the first time for the citizens to be able to buy a house with a down payment which will not exceed %10.