Cairo – The board of directors of the Egyptian Financial Regulatory Authority (FRA) approved the draft amendments to some provisions of the mortgage finance law no. 148 of 2001.
These amendments are aimed at addressing some challenges related to the registration of properties under the mortgage finance scheme, the FRA said in a statement on Monday.
An electronic registry will be established for registering mortgage finance agreements for a given period until the completion of the registration procedures at the Real Estate Registration and Notarisation Authority.
The amendments also include banning the disposal of mortgaged properties without obtaining approval from the financier.
It is noteworthy to mention that the mortgage funding grew to EGP 3.4 billion in 2020, compared to EGP 1.5 billion in 2017.
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