Through the initiative, low and middle-income individuals will have access to secure loans at a decreased interest rate of 3% for a period of up to 30 years to enable them to buy fully finished housing units
The Central bank of Egypt (CBE) has launched a new mortgage finance initiative to provide financing housing units for low and middle-income citizens through banks or mortgage companies.
Through the initiative, low and middle-income individuals will have access to secure loans at a decreased interest rate of 3% for a period of up to 30 years to enable them to buy fully finished housing units.
Low-income citizens will need a maximum net monthly income of EGP 4500 for the unmarried and EGP 6000 for the household to be eligible, and the unit they aim to purchase must not exceed EGP 350,000 with the beneficiary paying 10 percent as a down payment.
Middle-income individuals’ net monthly income must not exceed EGP 10,000 for the unmarried and EGP 14,000 for the household.
For this group, between 15% and 20% of the down payment for the housing units must be paid for units worth between EGP 1.1 million and EGP 1.4 million, according to the CBE.
The initiative is eligible for Egyptian craftsmen, individuals with special needs, pensioners, and those self-employed who are looking to purchase permanent homes.
