Egyptian government offers 100K residential units to be purchased through Central Bank's initiative

CAIRO – 15 August 2021: Application on 100,000 residential units offered by the government to low and middle income citizens, who will be benefiting from a Central Bank funding initiative, began Sunday, and will last until September 9.

Consumers will be getting soft loans from banks with an interest rate of three percent and to be paid back over 30 years. Yet, they will have to pay a deposit that is worth 10 percent or 15 percent of the unit's price depending on the income bracket.

The initiative went into force on July 13 as it also applies to units not built by the state.

The units designed for low-income citizens consist of two bedrooms and a living room + dining area, while those of middle-income have a third bedroom. The surface areas range between 75 and 90 square meters, and the prices vary between LE164,000 and LE310,000.

Those are offered in Ismailiyah, Minya, Sharqia, Sohag, Qena, Alexandria, Menoufeya, Kafr El Sheikh, Aswan, Gharbia, Beheira, Matrouh, Fayoum, Beni Suef, Asyut, New Valley, Luxor, North Sinai, and Damietta.

However, units whose surface areas is between 105 and 310 square meters and whose value is between LE640,000 and LE900,000 are being offered in Damietta's Shata and Zarqa.

Also, units, whose surface areas range between 100 and 120 square meters, and whose prices vary between LE471,000 and LE950,000, are available in Badr City; 15th of May City; October Gardens, 6th of October City; 10th of Ramadan City; New Aswan; New Alamain; New Menya; Asyut's Nasser City; New Rosetta; New Beni Suef; Red Sea's Badary City; and Port Fouad.

Those will be delivered fully-finished in three years, and 25 percent of their price has to be paid over 12 installments starting January 2022. The period between one installment and the other is three months; then, the rest will be paid over 30 years.  

Speaking of eligibility conditions for low-income and middle-income citizens, the maximum annual income for a single person within the former bracket has to be LE54,000, and LE72,000 for the family. As for the latter, it is LE120,000 per a single person, and LE168,000 per a family. Further, the minimum low income must be LE1,200 per month while the minimum middle income has to be LE2,500 per month.