Cairo – Mubasher: The Central Bank of Egypt (CBE) has amended some conditions of the mortgage finance initiative launched in December 2019 for middle-income people.
The amendments included raising the repayment period to 25 years, instead of 20 years, cancelling the maximum net area unit requirement of 150 square metres (sqm), and increasing the maximum unit price to EGP 2.5 million from EGP 2.25 million, according to a statement late on Monday.
Under the initiative, a total of EGP 50 billion has been allocated to provide subsidised mortgages for people with a monthly income of EGP 40,000 for single individuals and EGP 50,000 for families at an interest rate of 8%.
