The Mortgage Finance Fund has become one of the key topics of interest for readers recently, following the Ministry of Housing’s announcement of offering 15,000 residential units for middle-income citizens under the “Housing for All Egyptians 7” initiative.
In this context, Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, explained that the new offering under the “Housing for All Egyptians 7” initiative will enable middle-income citizens to acquire housing units through a mortgage system with an annual interest rate of 12%.
She indicated that the initiative will require a down payment starting from 25% of the total unit price, with the possibility of repayment over a period of up to 20 years. Income limits have been set at a maximum of EGP 20,000 per month for individuals and EGP 25,000 per month for families.
The CEO of the Social Housing Fund also announced that the monthly installment for the “Housing for All Egyptians 7” apartments will increase by 7% annually over a span of 5 years. She clarified that the interest rate on these units has risen by around 4%, but the Fund is committed to offering affordable interest rates. This offering targets various societal segments, and the Fund is cooperating with 30 banks and 6 mortgage finance companies, all operating at a 12% interest rate, with the Fund covering the price difference thanks to allocations from the Ministry of Finance.
