Ministry Of Housing Inaugurates Mortgage Program

On Thursday, the Ministry of Housing, Utilities and Urban Development inaugurated the mortgage program, embraced in social housing program; aiming at expanding the subsidiary which the ministry provides to the low-income.

Dr Tareq Wafiq, Minister of Housing and New Urban Communities, said the program is based on getting $ 300 million loan from the World Bank to Egypt Mortgage Finance Support & Guarantee Fund, with 1.5% interest rate on 27 years of the state’s budget. The fund will support the citizens who will get units in the project by paying half the amount in advance, and the other half as monthly installments.

The ministry is studying the idea of subsidizing the tenants who can’t buy units in the project, the minister added.