Cairo - Mubasher: The Egyptian Minister of Housing, Assem El-Gazzar, announced that the Social Housing and Mortgage Finance Fund (SHMFF) will open applications for the reservation of fully-finished residential units as part of the second phase of the "Housing for all Egyptians" initiative for low- and middle-income earners.
Residential units are offered under the Central Bank of Egypt's (CBE) mortgage finance initiative which includes providing loans at a declining interest of 3% over a repayment period of up to 30 years, starting from 13 July, El-Gazzar said in a statement on Wednesday.
Applications will be open for people with special needs from 8 to 14 August, and for all citizens from 15 August.
With prices ranging from EGP 164,000 to EGP 310,000, the first batch includes residential units, with areas ranging from 75 to 90 square metres, located in Ismailia, Minya, Sharkia, Sohag, Qena, Alexandria, Menofia, Kafr El-Sheikh, Aswan, Gharbiya, Beheira, Matrouh, Fayoum, Beni Suef, Assiut, the New Valley, Luxor, North Sinai, and Damietta.
Other units, with areas of 105 to 114 square metres, will be offered in Damitta with prices of EGP 640,000 to EGP 900,000
With prices of EGP 471,000 to EGP 950,000, the second batch, which is for middle-income earners, includes units with areas ranging from 100 to 120 square metres, located in Badr City, Capital Gardens, 15 May, Hadayek October, Sixth of October, 10th of Ramadan, New Aswan, New Alamein, New Minya, Nasser City, New Rashid, New Beni Suef, Hurghada, and Port Fouad.
Under the initiative, low-income people earning up to EGP 4,500 per month, if single, and EGP 6,000 per month, if married, will be given access to mortgage finance with an advance payment of 10% for units with a maximum value of EGP 350,000.
In addition, the middle-income homebuyers earning up to EGP 10,000 monthly, for single people, and EGP 14,000 monthly, for married people, will be able to pay 15% in advance for units with a maximum value of EGP 1.1 million or pay 20% in advance for units with a value of up to EGP 1.4 million.
