Cairo – Mubasher: The National Bank of Egypt granted around EGP 1 billon for the mortgage finance initiative to purchase around 12,500 housing units by August, NBK chairman Hisham Okasha said.
He added that the given loans are of an annual interest between 5% and 7% for the low-income, 8% for the middle-income and10.5% for the above middle-income individuals, with a payment period reaching 20 years.
NBE launched a low-income mortgage finance initiative in 2014 to encourage the mortgage finance through the long-term financing of low interest rates.
The bank allocated EGP 10 billion to support the low and middle income individuals.
