Three years ago, the CBE launched an initiative for mortgage financing for middle-income citizens with an annual interest rate of 10% on a decreasing basis before reducing it to 8% in March 2020 due to the COVID-19 pandemic. Shoukry added that the decrease in financing granted to real estate developers at an interest rate of 8% represents a new burden on property developers who will bear this cost. Mortgage financing initiatives have not stopped for social housingMeanwhile, Mai Abdel Hamid — CEO of the Social Housing and Mortgage Support Fund — said that the fund is committed to all previous initiatives with beneficiaries in mortgage financing initiatives and confirmed that no previous announcements have changed their conditions. Abdel Hamid added that previous mortgage financing initiatives have not stopped, no conditions for old ads have been modified, and the fund is committed to all previous ads with their terms, so no beneficiaries will be affected. She also said that the housing ministry has a desire to cooperate with the private sector, as lands have been prepared and are waiting for the private sector to participate in.

Source: Daily News Egypt December 05, 2022 17:35 UTC