Cairo – Mubasher: The Central Bank of Egypt’s (CBE) new mortgage finance initiative has similar requirements to those of the CBE’s EGP 20 billion initiative, the Deputy Governor, Gamal Negm, said in a TV interview on Tuesday.
Low-income people with a monthly income not exceeding EGP 4,000 for individuals and EGP 6,000 for families can get a mortgage to buy a house with a maximum value of EGP 350,000, Negm noted.
He added that middle-income people with a maximum monthly income of EGP 10,000 for individuals and EGP 16,000 for families can get a mortgage to purchase a house with a value not exceeding EGP 1 million.
Under the new initiative, low- and middle-income earners will have access to mortgage loans at a rate of 3% with a 30-year repayment period.
