Engineer Mai Abdel Hamid, CEO of the Social Housing Fund, announced that applicants for the 400,000-unit housing initiative will have their data verified electronically through coordination with government agencies.
She explained that 265,000 units will be offered through the Housing and Development Bank without income restrictions, while the fund itself will offer approximately 115,000 units, including 15,000 for middle-income applicants. She added that the criteria for the units will be announced in conjunction with the launch of 101,000 units for low-income citizens on May 22, which includes 15,000 units in new cities.
Engineer Mai pointed out that one of the key eligibility requirements is for applicants to be between 21 and 50 years old and not own a residential unit. She further explained that the housing units will be available with a 20-year installment plan at an interest rate of 12%.
She added that the Ministry has launched the largest housing unit offering in its history, totaling 400,000 units designated for middle and upper-middle-income groups, of which about 265,000 units will be provided through the New Urban Communities Authority.
The CEO of the Social Housing and Real Estate Finance Support Fund confirmed that the offered housing units will be sold at cost price.