The Commercial Bank of Ethiopia condominium loan facility can be availed by any Ethiopian citizen who does not have a residential house or commercial building. A condominium is a residential or commercial building with apartments. In Ethiopia, government constructs condominiums which are transferred to people through financing provided by the Commercial Bank of Ethiopia (CBE). This financing serves as a loan for individuals purchasing condominium apartments from the regional or Addis Ababa city government.
The Ethiopian government (via the Addis Ababa Housing Development and Administration Bureau) occasionally opens registration for its subsidized condominium schemes. You must register with the local city administration and prove you have lived in the city continuously for a specific number of years and do not already own a home. You are required to open and regularly deposit funds into a dedicated housing savings account at the Commercial Bank of Ethiopia (CBE). Once you qualify and save the required portion, your name is entered into a public lottery system to be randomly allocated a unit.
Addis Ababa City Government or Regional States select individuals through lottery to acquire an apartment /commercial building. The selected individuals submit the standard loan application form to the Consumer Loan Central Processing Centre where the selected condominium is located. The applicant must submit renewed Identification Card, a letter from the City Administration or regional authorities confirming the loan applicant’s selection for an apartment or commercial building, proof of financial situation, and other relevant licenses and documents.
Through this loan, individuals actually buy condominium houses from regional or Addis Ababa city government. The maximum loan repayment period, with 12% lending rate, is 25 years at equal monthly repayments. It has one-year grace period for residential apartment, but no grace period for commercial condominiums.
Commercial Bank of Ethiopia Addis Ababa Swift Code/ BIC Code
