Engineer Amr Khattab, the official spokesperson for the Ministry of Housing, Utilities, and Urban Communities, announced that mortgage financing is one of the main pillars of the “Housing for All Egyptians” initiative.
He explained that the state has provided direct support for low-income citizens and indirect support for middle-income citizens concerning the price of residential units. He also noted that the Central Bank of Egypt launched two mortgage initiatives with interest rates of 3% and 8%, targeting these two segments, offering repayment options of up to 30 years with easy down payments suitable for different social classes.
Khattab emphasized that these facilitations have turned the dream of homeownership into a tangible reality for any citizen. He added that the Social Housing and Mortgage Finance Support Fund, in cooperation with banks, played a crucial role in implementing the initiative and accelerating installment procedures.
He also pointed out that the scope of beneficiaries has been expanded following the success of the first phase, which initially targeted only low-income citizens. Later, middle-income earners were included by a decision of the Cabinet, based on specific household income criteria.
Furthermore, the Cabinet approved last September the continuation of the initiative under the same mechanisms, with declining interest rates of 3%, 8%, and 12% depending on the beneficiary category. This ensures that a broader segment of citizens can benefit from the advantages of affordable mortgage financing.
Engineer Amr Khattab concluded by reaffirming that the “Housing for All Egyptians” initiative embodies the vision of Egypt’s political leadership to improve citizens’ quality of life. He explained that the ministry continues to offer more residential units in new cities to fulfill every Egyptian family’s aspiration to own a safe and suitable home.
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