The Social Housing and Mortgage Finance Fund has announced the availability of ready-to-move-in social housing units for low-income individuals across nine governorates, priced at EGP 350,000, with an area of 90 square meters.
Details of Ready-to-Deliver Social Housing Units
The fund clarified that the advance payment for the “Housing for All Egyptians 5” initiative for low-income families is EGP 20,000, with a monthly installment starting from EGP 1,840. To qualify, the applicant’s monthly income must be at least EGP 3,700. The remaining down payment, amounting to at least 20%, must be completed upon signing the contract.
Subsidies and Financial Support
Direct financial support for eligible individuals ranges between EGP 5,000 and EGP 60,000, depending on income levels, and will be deducted from the unit’s price. In addition, indirect subsidies amounting to EGP 742,000 are available, which include EGP 667,000 for mortgage financing support and EGP 75,000 for the cost of public infrastructure.
Deadline for Application
The Social Housing Fund is continuing to sell application forms and accept down payments for those interested in the “Housing for All Egyptians 5” initiative. The final deadline for submitting applications is December 31, 2024.
Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, mentioned that, to facilitate the process for citizens wishing to purchase application forms, the number of post offices selling the forms has been increased. Detailed addresses of these post offices can be found here.