Egypt CBEs mortgage initiative expected to be launched in August

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Egypt - The Central Bank of Egypt’s (CBE) EGP 100 billion initiative is expected to be launched in August, courtesy of the Central Bank of Egypt, Tarek Shoukry, head of the Federation of Egyptian Chambers of Commerce’s real estate division, told Hapi Journal on July 11^th.

Shoukry said that the initiative will allow low- and middle-income homebuyers to access mortgages at a subsidized rate of 3%.

The initiative, which was announced in March, will provide would-be homeowners with subsidized mortgages on houses valued at up to EGP 1.4 million, provided they make a 20% down payment.

Pensioners will also be eligible to take part in the program, provided they make a 40% down payment and provided that they are under 75 years old when the loan period concludes.

Shoukry did not give further details regarding the eligibility criteria, such as an income ceiling.

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