MFF, Banque Misr enhance mortgage finance cooperation

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The Social Housing and Mortgage Finance Fund (MFF), alongside Banque Misr, have formalized a protocol to bolster real estate financing for citizens with low to middle incomes. The agreement, endorsed by the CEO of the Mortgage Financing Fund, May Abdel Hamid, and Banque Misr’s Chairperson, Mohamed El-Attar, was witnessed by officials from both entities.

Post-signature, Abdel Hamid highlighted Banque Misr’s pivotal role in the Fund’s mission to facilitate housing for the economically disadvantaged, under the “Housing for All Egyptians” presidential initiative. The protocol ensures that financing for low-income applicants won’t surpass 90% of a property’s value, and for middle-income applicants, 85%. The financing’s repayment span is capped at 30 years, with a yearly increment in instalments limited to 7%. Initial payments for low-income clients start at 10%, capping at 50%—excluding Fund subsidies. For middle-income clients, it begins at 15%.

El-Attar remarked on Banque Misr’s foundational involvement in the Fund’s efforts to secure affordable housing for the low-income demographic, reflecting the bank’s commitment to social responsibility.

He noted that the protocol’s objective is to extend new financing options to the target income groups, with the bank dedicating around EGP 25bn for this purpose.

Both parties reiterated their commitment to ongoing collaboration, with the current protocol marking the start of more joint ventures aimed at assisting citizens across various income levels in securing homes through the Fund’s initiatives.