Down payment for low-income units to be installed over 3 years: Egypt's central bank

CAIRO – 18 March 2021: Down payment of residential units offered for low-income people within the real estate finance initiative to be made in installments over three years, according deputy governor of the Central Bank of Egypt (CBE), Gamal Negm.

Negm indicated in a TV interview that the down payment is to be paid in one payment to middle-income people.

He pointed out that it is expected that the monthly installments of the low-income units will reach 1,127 pounds.

He mentioned that the terms of the initiative for low-income people include that the income should not exceed LE 4,500 for a single person and LE 6,000 for the married one, adding that the maximum unit price for those with limited income is up to LE 350,000.

Negm added that the volume of the real estate financing initiative for low and middle income groups amounted to LE 120 billion, which is borne by the state.

Egyptian President Abdel Fattah El-Sisi had directed the Central Bank to develop 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, with long-term loans of up to 30 years, with a low and simple interest that does not exceed 3 percent.