Housing subsidies record LE 282M in Q1 FY2017/18

CAIRO – 1 November 2017: Total financial support offered by the Mortgage Finance Fund (MFF) for low and medium income citizens recorded LE 282 million ($16 million) in the first quarter of fiscal year 2017/18, chairman of the MFF Mai Abdel Hamid said Wednesday.

In a meeting attended by Minister of Housing Mostafa Madbouly, Abdel Hamid said the number of beneficiaries in that period reached 15,900 individuals, accessing finance from 15 banks and two mortgage finance companies.

The average monthly income of the beneficiaries, 80 percent of whom are aged 20-40, marked LE 1,681, Abdel Hamid said in a Wednesday meeting.

The price of subsidized units in the latest launch 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 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.