What are the conditions that must be met by the beneficiaries of the global financing initiative?

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03:07 PM

Saturday 05 June 2021

I wrote – Manal Al-Masry:

The new presidential initiative for real estate financing allows any citizen to benefit and obtain a housing unit with a subsidized interest of 3% decreasing in banks, provided that it matches the conditions that must be met by the applicant, according to the parameters of the initiative.

The Central Bank intends to announce the launch of the new real estate finance initiative with an annual interest of 3% this week, provided that the banks start implementing it after receiving instructions and terms of the initiative in cooperation with the Real Estate Finance Fund, according to Mai Abdel Hamid, head of the Social Housing Fund and Daman Real Estate Finance, in previous media statements. .

President Abdel-Fattah El-Sisi directed the Central Bank last March to formulate and launch a new real estate financing program for the benefit of low- and middle-income groups to support their ability to own housing units through long-term loans of up to 30 years with low and simple interest that does not exceed 3%.

In previous statements, the Central Bank announced, through Gamal Negm, Deputy Governor of the Central Bank, the allocation of 100 billion pounds as a first tranche for the presidential initiative, real estate financing with an annual interest rate of 3%, decreasing for the first time in the history of the banking system.

Any citizen of the low and middle income bracket who meets the conditions is entitled to benefit from the subsidized real estate financing initiative, such as employees in the public and private sectors, self-employed people, craftsmen (tailor, plumber, electrician, etc.) and people of determination (special cases).

The new initiative set the maximum value of the housing unit for singles in the middle-income bracket at 1.1 million pounds, while those married with middle-income people range from more than 1.1 million pounds to 1.4 million pounds, according to banking sources who previously spoke with Masrawy.

The sources said that the value of the housing unit for the low-income bracket will be left to the Real Estate Finance Fund to calculate it.

Masrawy presents the conditions that must be met by any citizen to obtain a housing unit in the real estate financing initiative from banks:

1) To be of Egyptian nationality.

2) Any client or his wife, including (minor children), is entitled to benefit from the initiative for the housing unit.

3) The client or his wife did not benefit from the previous real estate financing initiatives by obtaining a subsidized unit.

4) The age of the customer under 60 years does not exceed the retirement age stipulated in the Social Insurance and Pensions Law promulgated by Law No. 148 of 2019 at the end of the loan repayment period.

5) Pensions or pension beneficiaries (daughter or wife) benefit from the initiative, provided that she is not more than 75 years old when the last installment of the loan is paid and the pension is transferred to the financing party.

6) A single client of a middle-income earner is required to pay 15% as an advance of the total price of the housing unit, while the married is obligated to pay 20% in advance of the total price of the housing unit, while pensioners pay 40% as an advance of the total price of the housing unit, according to sources.

7) The customer does not have loans from banks that exceed 40% of his total monthly income, and it is required that his salary is sufficient to pay the installment.

8) Banks depend on the customer having an additional income beside his main income in order for him to be able to pay the installment.

9) The customer is not registered in the Egyptian Credit Bureau’s i-Score list as a defaulting customer.

10) Good reputation and behavior are required.





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