Egypt low-income citizens can apply for 500,000 affordable housing units: Minister

Egypt’s housing ministry announced on Thursday that low-income citizens will be able as of Saturday to purchase tender specification booklets to see if they are eligible to apply for one of over 500,000 affordable housing units currently under construction, state news agency MENA reported.

The pamphlets on booking conditions will be available nationwide at post offices and branches of the state’s Housing and Development Bank, MENA said.

The announcement comes as part of a wider housing programme launched by the housing ministry in 2014 to construct one million units for low and medium-income citizens over five years at a cost of EGP 165 billion.

“There are 150,000 units to be completed by the end of this year, and another 400,000 are planned for April 2017,” ministry spokesman Hany Younis told Ahram Online on Thursday, adding that 106,000 units have been built and are ready for sale.

The central bank’s governor said in February that banks will provide cheap mortgages over a 20-year period at a five percent decreasing interest rate for those who apply to own a unit from the ministry’s programme.

Early in 2014, the central bank announced the allocation of EGP 10 billion to banks nationwide to finance mortgages for people of low and middle incomes.

source:Ahram Online