The Central Bank of Egypt launched a real estate financing initiative.
In implementation of the directives of President Abdel-Fattah El-Sisi, President of the Republic to provide the opportunity for citizens of low and middle incomes, to obtain adequate housing at subsidized prices, and over long-term periods of time, the Central Bank of Egypt launched an initiative for real estate financing with facilities that include allocating an amount of 100 billion pounds, through banks or finance companies. Real estate, to finance the purchase of housing units for low- and middle-income people, at a decreasing interest rate of 3% for a period of up to 30 years.
The initiative applies to low-income people whose income and units are determined through the Social Housing and Real Estate Finance Support Fund, so that the maximum net monthly income is currently 4.5 thousand pounds for a single individual and 6 thousand pounds for a family, and the unit value is currently 350 thousand Egyptian pounds, and the value of the unit is currently 350 thousand Egyptian pounds. A 10% down payment is to be paid. As for the middle-income beneficiaries of the initiative, the maximum net monthly income is 10,000 pounds for a single individual and 14,000 pounds for the family, and 15% downpayment is paid as a minimum of the total unit value whose price is up to 1.1 million pounds as a maximum. As for the units whose price exceeds 1.1 million pounds and up to 1.4 million pounds, a minimum down payment of 20% of the total value of the unit is to be paid.
The initiative requires that the beneficiary be Egyptian, with the possibility of self-employed and craftspeople and people with special needs who have income and pensioners benefiting from the initiative, so that the age of the beneficiary does not exceed 75 years at the end of the funding period, provided that the units are for permanent housing only
The foregoing comes in support of the state's orientation to provide adequate housing and a decent life for simple citizens who wish to own housing units by alleviating their burdens, in continuation of the real estate financing initiatives issued by the Central Bank during the previous years.
Source: Egypt today