Mortgage Finance Fund Allocates 60.000 Units for Egypt C.Bank’s Initiative

Head of the Mortgage Finance Fund Mai Abdel Hamid revealed that the fund is aiming to finance 60 thousands new units through Central Bank’s initiative of mortgage finance on the units provided by the fund will be applied starting next week.

Abdel Hamid stated that there are a number of amendments on the procedures related to reserving these units so that people of low-income could benefit from this initiative.

She added that the initiative will half the interest rate on mortgage finance to 7 percent instead of 14 which will help increase the number of people who reserve the units.

Abdel Hamid said this initiative will help ease the housing crisis in addition to the social housing project and other projects implemented by the state and private sector.

She explained that the increase of the cost of mortgage finance contributed to the reluctance of many from financing, emphasizing that this initiative targets low-income people and is not limited to certain regions.

Abdel Hamid pointed out that the decision 10 for 2014 of the Minister of Housing Ibrahim Mahlab allows a number of procedures that facilitate ensuring the rights of mortgage finance companies which want to finance citizens to build or purchase real estate units in new cities belonging to New Urban Communities Authority (NUCA).

This decision was issued recently to activate the agreement between the Egyptian Financing Supervising Authority and the (NUCA).

Mahlab’s decision allowed the possibility of partial registration for part of the large areas allocated for real estate developers, on the condition that they pay the whole price of the required part, according to Abdel Hamid.