The Central Bank issues several amendments to the real estate financing initiative for middle-income people
In continuation of the trend towards supporting the real estate sector because of its importance in supporting the economy and advancing production, and given that its advancement is reflected in providing adequate housing according to the needs of citizens, as well as its positive impact on the national product through the operation of many different industries and sectors such as contracting, construction and building. In addition to its positive impact on the social side by creating job opportunities in various projects and industries.
The Central Bank of Egypt amended some of the conditions of the real estate finance initiative for middle-income people issued in December 2019, according to which an amount of 50 billion pounds was allocated to provide real estate financing for citizens whose monthly income reaches 40,000 pounds for singles and 50 thousand pounds for the family at a return rate of 8%, so that the period of increase was increased Financing up to 25 years (instead of 20 years), with the possibility of applying this to existing clients benefiting from the initiative.
In order to increase the number of financeable units within the framework of the aforementioned initiative and to benefit more citizens with the aim of obtaining adequate housing at a low return price, it was also decided to abolish the requirement of the maximum net area of the unit in addition to increasing the maximum unit price to 2.5 million pounds with facilitating the terms of guarantees and allow banks to accept alternative guarantees in the event that the unit cannot be registered.
