{"id":563734,"date":"2021-07-14T04:00:12","date_gmt":"2021-07-14T04:00:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/more-details-on-the-egp-100-bn-mortgage-finance-initiative\/"},"modified":"2021-07-14T04:00:12","modified_gmt":"2021-07-14T04:00:12","slug":"more-details-on-the-egp-100-bn-mortgage-finance-initiative","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/more-details-on-the-egp-100-bn-mortgage-finance-initiative\/","title":{"rendered":"More details on the EGP 100 bn mortgage finance initiative"},"content":{"rendered":"

<\/a> The new mortgage finance initiative for low- and middle-income earners came top of the <\/strong>agenda on the nation\u2019s talk shows last night.<\/strong> Launched yesterday<\/a>, the CBE initiative will see EGP 100 bn lent out to low- and middle-income homebuyers. It offers 30-year mortgages at a subsidized 3% interest rate. On hand to discuss the program last night were CBE deputy governors Rana Badawi and Gamal Negm, and Social Housing Fund Executive Director Mai Abdel Hameed.<\/p>\n

Here\u2019s a recap of the fine print as told to us yesterday by the CBE:<\/strong><\/p>\n

You\u2019re considered a<\/strong> low-income borrower<\/strong> if you earn less than EGP <\/strong>4.5k<\/strong> per month (EGP 6k per household). Borrowers in this bracket will be required to pay a 10% down payment and can access finance for homes worth up to EGP 350k. Middle-income borrowers<\/strong> are those with monthly net salaries of up to EGP 10k for individuals (EGP 14k per household). People in this bracket will need to cough up a down payment of at least 15% for homes worth up to EGP 1.1 mn and 20% for homes valued at EGP 1.1 mn to EGP 1.4 mn.<\/p>\n

Affordable homes will be built to support the new initiative<\/strong>: The government will build fully-finished homes across a range of governorates and new cities with price tags ranging from EGP 165k up to EGP 310k, Abdel Hameed told Kelma Akhira\u2019s Lamees El Hadidi (watch, runtime 11:49<\/a>).<\/p>\n

The initiative is likely to benefit 220k families<\/strong>, and cost the state coffers some EGP 120 bn over 30 years, CBE Deputy Governor for Banking Stability Gamal Negm said in an interview on Ala Mas\u2019ouleety (watch, runtime 46:21<\/a>).<\/p>\n

But this has to be your first home<\/strong>, Deputy Governor of the Central Bank of Egypt Rana Badawitold Yahduth Fi Masr. Applications for second homes or holiday homes won\u2019t be given access (watch, runtime 3:57<\/a> I 2:23<\/a>).<\/p>\n

A boost for the real estate sector?<\/strong> Badawi expects there to be high demand for the program, which she says will help to support the real estate sector.<\/p>\n

But there are some concerns over how the program will be implemented:<\/strong> Homebuyers have in the past faced lengthy waiting times and bureaucratic hurdles when applying for mortgages, Tarek Shoukry, head of the Federation of Egyptian Chambers of Commerce\u2019s real estate division, told Kelma Akhira (watch, runtime 10:23<\/a>). He called on policymakers to set clear criteria and a timeframe for make banks and mortgage finance companies speed up the procedures, else the lengthy process may deter potential buyers from participating in the program.<\/p>\n

Is the private sector getting involved?<\/strong> Most big developers don't currently offer homes within the price range set under the initiative, but they are ready to cater to these income brackets if they're assured that the amount allocated for the initiative won't run out by the time they place the homes on the market, he added.<\/p>\n

The story also got more coverage on <\/strong>Al Hayah Al Youm (watch, runtime 15:26<\/a>) and Al Kahera Wel Nas (watch, runtime 9:08<\/a>).<\/p>\n

GERD is still the talk of airwaves: <\/strong>Samuel Warberg, a regional spokesperson for the US State Department, made an appearance on Ala Mas\u2019ouleety to explain US\u2019 position from the GERD crisis while reiterating his call for resuming negotiations and avoiding any unilateral actions (watch, runtime 19:32<\/a>). Slovenia Foreign Minister An\u017ee Logar (watch, runtime 1:43<\/a>) and Austrian Foreign Minister Alexander Schallenberg (watch, runtime 1:12<\/a>) were also on the program to discuss the GERD. Foreign Minister Sameh Shoukry\u2019s third day in Brussels also got coverage in Al Hayah Al Youm (watch, runtime 1:03<\/a> I 2:57<\/a>). Yahdoth Fi Masr also had an interview with politician Mostafa El Feki to share his insights on the issue (watch, runtime 4:10<\/a> I 3:43<\/a>). We have more on Shoukry\u2019s day in Brussels in this morning\u2019s Diplomacy story, above.<\/p>\n","protected":false},"excerpt":{"rendered":"

The new mortgage finance initiative for low- and middle-income earners came top of the agenda on the nation\u2019s talk shows last night. Launched yesterday, the CBE initiative will see EGP 100 bn lent out to low- and middle-income homebuyers. It offers 30-year mortgages at a subsidized 3% interest rate. On hand to discuss the program […]<\/p>\n","protected":false},"author":1,"featured_media":563735,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9281],"tags":[168,72,410,8276,106,127,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-563734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-enterprise-last-nights-talk-shows","tag-diplomacy","tag-enterpriseam","tag-gerd","tag-housing","tag-last-nights-talk-shows","tag-politics","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"4250ebc9-8475-4870-a563-a456f694e7f6","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/7\/203.jpg","photo_position":"above","related_issue":[563721],"teaser":"","voice_url":""},"yoast_head":"\nMore details on the EGP 100 bn mortgage finance initiative - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/more-details-on-the-egp-100-bn-mortgage-finance-initiative\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More details on the EGP 100 bn mortgage finance initiative\" \/>\n<meta property=\"og:description\" content=\"The new mortgage finance initiative for low- and middle-income earners came top of the agenda on the nation\u2019s talk shows last night. 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We have the full story on the Palestine meeting in the news\u2026","rel":"","context":"In "Enterprise+: Last Night\u2019s Talk Shows"","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":560827,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/15\/are-we-getting-30-year-3-mortgages\/","url_meta":{"origin":563734,"position":1},"title":"Are we getting 30-year, 3% mortgages?","author":"enterpriseam admin","date":"15 March 2021","format":false,"excerpt":"Low- and middle-income earners will have access to EGP 100 bn-worth of subsidized mortgages, courtesy of the Central Bank of Egypt. The new initiative will allow would-be homeowners to tap mortgage finance at a subsidized rate of 3% and will offer a 30-year repayment period, according to an Itthadiya statement.\u2026","rel":"","context":"In "Finance"","block_context":{"text":"Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/201.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566778,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/13\/subsidized-30-year-mortgages-are-now-a-thing-for-low-and-middle-income-earners\/","url_meta":{"origin":563734,"position":2},"title":"Subsidized 30-year mortgages are now a thing for low- and middle-income earners","author":"enterpriseam admin","date":"13 July 2021","format":false,"excerpt":"The Central Bank of Egypt (CBE) launched today an EGP 100 bn mortgage financeinitiative for low- and middle-income earners, offering 30-year finance at a subsidized rate of 3% to qualifying borrowers, according to a CBE statement (pdf).The program will only finance fully-finished homes, and so isn\u2019t designed to support off-plan\u2026","rel":"","context":"In "SPEED ROUND: REAL ESTATE"","block_context":{"text":"SPEED ROUND: REAL ESTATE","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/404.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557157,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/08\/cib-to-offer-mortgage-finance-for-sodic-units\/","url_meta":{"origin":563734,"position":3},"title":"CIB to offer mortgage finance for SODIC units","author":"enterpriseam admin","date":"8 September 2021","format":false,"excerpt":"CIB will now offer financing options with up to 20-year terms to home buyers purchasing property at SODIC-owned real estate developments, the upmarket real estate developer said in a press release (pdf). Under the cooperation protocol signed earlier this week, SODIC clients will be able to purchase ready-for-delivery homes with\u2026","rel":"","context":"In "Real estate"","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/106.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":645835,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/31\/aloula-to-spend-egp-350-mn-on-mortgage-finance-for-low-income-earners\/","url_meta":{"origin":563734,"position":4},"title":"Aloula to spend EGP 350 mn on mortgage finance for low-income earners","author":"enterpriseam admin","date":"31 July 2017","format":false,"excerpt":"El Taamir Mortgage Finance (Aloula) plans to lend EGP 350 mn as part of the CBE\u2019s mortgage finance initiative to low-income house buyers, that will be funded by the Egyptian Mortgage Refinance Company, Chairman Hassan Hussein tells Al Borsa. The CBE\u2019s initiative offers mortgage finance loans at 5% and 7%\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569319,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/20\/central-bank-of-egypt-launches-its-mortgage-finance-program\/","url_meta":{"origin":563734,"position":5},"title":"Central Bank of Egypt launches its mortgage finance program","author":"enterpriseam admin","date":"20 February 2020","format":false,"excerpt":"The Central Bank of Egypt (CBE) has launched its EGP 50 bn mortgage finance program for middle-income housing ahead of schedule, Deputy Governor Gamal Negm said, according to Hapi Journal. The program was expected to launch next month. All banks on the market will be able to grant subsidized loans\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=563734"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563734\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/563721"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/563735"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=563734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=563734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=563734"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=563734"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=563734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}