The FRA Increased Mortgage Installments to 50% of Income

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03 Jan 2023

28/12/2022:

The FRA Increased Mortgage Installments to 50% of Income

The Financial Regulatory Authority (FRA) increased the limit on the debt-to-income ratio to 50% and mortgage applicants can now apply for bigger loans to finance their desired purchases.

This decision will fuel the non-banking financial services sector in Egypt, especially considering that mortgages amounted to EGP 4.2bn in the third quarter of 2022, 71.5% higher than the same period the year before. (Sources: Zawya (English), al-Ahram (English) (Arabic), al-Youm al-Sabee, Masrawy, Sky News Arabia)

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