Egypt Post prints more 30k social housing terms of reference

CAIRO – 22 August 2017: Citizens recorded a high turnout rate on newly-issued social housing units as an additional 30,000 terms of reference were printed for the Ministry of Housing’s project.

An official source at Egypt Post, requested to remain anonymous, told Egypt Today on Monday that more than 65,000 terms of reference were already sold for applicants.

More than 60,000 applicants submitted an application electronically to benefit from the project, which was launched earlier this week.

Head of the Mortgage Finance Fund Mai Abdel Hamid said on Sunday that the price of newly-issued units is LE 184,000, up from LE 154,000 - the price issued in April of last year - which is still less than the cost of units, estimated at LE 200,000.

Buyers can reserve the units by providing a down payment worth of LE 11,000, which is refundable in case of not winning one of the project’s houses, in addition to monthly installments of at least LE 590.

Applicants’ eligibility has been adjusted based on incomes and recent inflation rates. It has been decided that these units are targeted for citizens with monthly incomes of LE 3,500 and LE 4,750 and for families, according to Abdel Hamid.

The Mortgage Finance Fund will be offering support to citizens with limited income ranging from LE 5,000 to LE 25,000. More financial support will be given to those with lower incomes.