Egypt’s Central Bank launches LE100B initiative for mortgage financing

Egypt’s Central Bank launches LE100B initiative for mortgage financing

CAIRO – 13 July 2021: The Central Bank of Egypt (CBE) launched a mortgage finance initiative with facilitation, including allocating an amount of LE 100 billion through banks or mortgage finance companies to finance the purchase of housing units for low- and middle-income people at a decreasing interest rate of 3 percent for a period of up to 30 years. This comes 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. CBE stated in a statement, Tuesday, that the initiative applies to low-income people whose value of income and units are determined through the Social Housing and Mortgage Finance Support Fund, so that the maximum net monthly income is currently LE 4,500 for a single individual and LE 6,000 for a family. The unit value is currently LE 350,000, and a 10 percent down payment is to be paid. As for the middle-income beneficiaries of the initiative, the maximum net monthly income is LE 10,000 for a single individual and LE 14,000 for the family, and 15 percent down payment