Egypt's FRA approves amendments to mortgage finance law

These amendments are aimed at addressing some challenges related to the registration of properties under the mortgage finance scheme

  
A general view of buildings by the Nile River in Cairo, Egypt January 30, 2021.

A general view of buildings by the Nile River in Cairo, Egypt January 30, 2021.

REUTERS/Mohamed Abd El Ghany

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.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Financial Services