The Central Bank of Egypt’s (CBE) has launched new mortgage finance initiative a few days ago, and it has just revealed its requirements according to the Deputy Governor, Gamal Negm.
Low-income people with a monthly income not exceeding 4,000 Egyptian pounds for individuals and 6,000 pounds for families can get a mortgage to buy a house with a maximum value of 350,000 pounds Negm noted.
The low-income citizens’ category is obliged to pay 15 percent of the total value of the unit. They will pay installments of 1127 pound over 30 years added.
He added that middle-income citizens with a maximum monthly income of EGP 10,000 for individuals and 16,000 pounds for families can get a mortgage to purchase a house with a value not exceeding 1 million pounds.
Under the new initiative, low- and middle-income earners will have access to mortgage loans at a rate of 3 percent with a 30-year repayment period.
