14 Jul 2021

The CBE (Central Bank of Egypt) has officially announced the details of a new mortgage financing initiative worth EGP100bn. Low- and middle-income individuals and families will be able to take out a mortgage for a residential unit through banks or mortgage finance companies at a 3% rate for a period of up to 30 years.

Low-income is classified as individuals earning a maximum of EGP4,500/month or families earning EGP6,000/month. They are allowed to finance a unit with a maximum value of EGP350,000 and are required to pay a 10% down payment. Middle-income is classified as individuals earning a maximum of EGP10,000/month or families earning EGP14,000/month. Middle-income earners have two financing options: either choose a unit with a maximum value of EGP1.1mn and pay a 15% down payment, or a unit with a value between EGP1.1-1.4mn and pay a minimum down payment of 20%.

(Source: CBE (English) (Arabic), Official State Information Service (English), al-Ahram (English) (Arabic), Business Today Egypt (English), Daily News Egypt (English), Egypt Today (English), Mubasher (English) (Arabic), Zawya (English), al-Maal, al-Youm al-Saabe, al-Masry al-Youm, Sada el-Balad, Sky News Arabia)