Egyptian Social Housing Fund, Banque Misr partner to back low-income citizens
Updated 4/1/2024 12:45:00 PM
Arab Finance: The Egyptian Social Housing and Mortgage Finance Fund (SHMFF) has signed a cooperation protocol with Banque Misr to provide mortgage financing services to low- and middle-income citizens, according to a statement.
Under the protocol, loans provided by Banque Misr for low-income citizens shall not exceed 90% of the unit’s price, while those for medium-income citizens shall not surpass 85% of the unit’s value, the fund’s CEO Mai Abdel Hamid noted.
Moreover, the payment period shall be within at least 30 months, and the annual increase in the value of the monthly installment shall not be over 7%.
In addition, the down payment for low-income beneficiaries shall not be less than 10% or over 50% of the unit’s price, while middle-income ones shall pay a not less than 15% of the unit’s price.
It is worthy to note that the total mortgage financing dedicated by the bank to the fund has reached roughly EGP 25 billion so far.
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