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The financing is offered at 5% and 7% interest rates, as part of the Central Bank of Egypt (CBE)’s Mortgage Finance Initiative.
The president asserted that he understands the difficult position of the people affected by recent benefit cuts in ration cards.
NBE, HDB, Banque Misr, Banque du Caire, IDB top list of banks participating in CBE initiative with total funding of EGP 15.7bn to 165,800 clients
Tax deduction of about 80% for low-income and 40% for middle-income
Bank amends mortgage finance initiative, introduces another category of youth
In the past year, the HBD granted EGP 750m to approximately 10,000 home buyers
Those in the lowest income bracket have been prohibited from applying to the Mortgage Finance Fund because their income does not meet the minimum limit
The ministry has made seven calls for citizens to apply for residential units throughout 2014 and 2015
Ministry of Housing plans to allocate 20% of the loan to fund housing unit rents
Age range of applicants for the social housing project increased to 50 years instead of 45 for owning and renting units
CBE launched mortgage initiative last April worth EGP 10bn for real estate financing involving funding housing for low-middle income classes at concessional terms
The project including 6,000 residential unites will be completed by the beginning of 2013