The Minister of Housing, Utilities, and Urban Communities, Eng. Sherif El-Sherbini, has announced changes to the income limits for citizens wishing to apply for residential units under the new offering from the Social Housing Fund and Real Estate Finance Support, as part of the presidential initiative “Housing for All Egyptians,” aimed at low- and middle-income citizens.
El-Sherbini clarified that the adjustment of income limits is not arbitrary but rather the result of careful and thorough analysis of the economic situation and income thresholds relevant to the targeted demographic.
In her remarks, Mai Abdel Hamid, the Executive Director of the Social Housing Fund and Real Estate Finance Support, stated that the change in income limits aims to provide greater opportunities for a broader range of citizens to apply for supported housing units, thus contributing to the program’s actual goals of providing suitable housing for citizens.
For low-income citizens wishing to apply for housing units under the new offering, the minimum net monthly income required to access real estate financing has been set at 3,500 EGP. Additionally, the net monthly income from all sources for low-income applicants should not exceed 15,000 EGP per month (180,000 EGP annually) for families and 12,000 EGP per month (144,000 EGP annually) for individuals.
Regarding middle-income citizens wishing to apply for a housing unit under the new announcement, the minimum net monthly income for accessing real estate financing is set at 12,000 EGP.
Abdel Hamid emphasized that the net monthly income from all sources for middle-income applicants should not exceed 25,000 EGP per month (300,000 EGP annually) for families and 20,000 EGP per month (240,000 EGP annually) for individuals.
Citizens can find more information regarding the new offering by following the digital platforms of the Social Housing Fund on social media.