CAIRO – 13 July 2021: The Central Bank of Egypt (CBE) launched a mortgage finance initiative with facilitation, including allocating an amount of LE 100 billion through banks or mortgage finance companies to finance the purchase of housing units for low- and middle-income people at a decreasing interest rate of 3 percent for a period of up to 30 years. The unit value is currently LE 350,000, and a 10 percent down payment is to be paid. Its price exceeds LE 1.1 million up to LE 1.4 million, with a minimum down payment of 20 percent of the total unit value. This comes with the aim of achieving societal justice, and providing the opportunity for all citizens to benefit from the mortgage financing initiatives offered by the state, and to benefit as many as possible from them, with funding available for only one unit under the new initiative. The foregoing comes in support of the state's orientation to provide adequate housing and a decent life for simple citizens who wish to own housing units by alleviating their burdens, in continuation of the mortgage financing initiatives issued by the Central Bank during the previous years.
