{"id":566778,"date":"2021-07-13T14:05:32","date_gmt":"2021-07-13T14:05:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/13\/subsidized-30-year-mortgages-are-now-a-thing-for-low-and-middle-income-earners\/"},"modified":"2021-07-13T14:05:32","modified_gmt":"2021-07-13T14:05:32","slug":"subsidized-30-year-mortgages-are-now-a-thing-for-low-and-middle-income-earners","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/13\/subsidized-30-year-mortgages-are-now-a-thing-for-low-and-middle-income-earners\/","title":{"rendered":"Subsidized 30-year mortgages are now a thing for low- and middle-income earners"},"content":{"rendered":"

<\/a> The Central Bank of Egypt (CBE) launched today an <\/strong>EGP 100 bn mortgage finance<\/a><\/strong>initiative<\/a><\/strong> for low- and middle-income earners<\/strong>, offering 30-year finance at a subsidized rate of 3% to qualifying borrowers, according to a CBE statement (pdf)<\/a>.<\/p>\n

The program will only finance fully-finished homes, and so isn\u2019t designed to support <\/strong>off-plan construction<\/strong> (the form that currently dominates the new-build market). Only homes that are included in the national real estate registry are eligible for finance under the program, and buyers will only be able to apply for finance for their primary residence. There is one loophole, though: <\/strong>Borrowers may be able to obtain finance for an unregistered home if they can pledge collateral worth as much as the home they want to buy.<\/p>\n

THE FINE PRINT- You\u2019re considered a low-income borrower<\/strong> if your monthly take home is less than 4.5k (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 defined as folks with monthly net salaries of no more than EGP 10k for individuals (EGP 14k per household). Middle class borrowers 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

The program has generous eligibility requirements <\/strong>\u2014 it\u2019s open not just to people with full-time jobs, but also to folks who are self-employed, including craftsmen. Pensioners are also eligible, provided they make a 40% down payment, and that they would be under 75 years old when the finance period concludes.<\/p>\n

YOU CAN DIVE DEEPER <\/strong>with additional detail on the initiative in this CBE circular here (pdf)<\/a><\/p>\n

Background: <\/strong>The new program, which was announced in March<\/a>, comes after the CBE had launched last year its EGP 50 bn mortgage finance program<\/a> for middle-income housing, which was a continuation of a previous initiative<\/a> that ran from 2014 until January 2019. Under the previous initiative, those earning up to 40k a month were eligible for a preferential interest rate of 10% on their mortgages.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 construction (the form that […]<\/p>\n","protected":false},"author":1,"featured_media":566779,"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":[10131],"tags":[633,2061,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-566778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-real-estate","tag-enterprisepm","tag-mortgage-finance","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"10f6f0fa-cc92-426a-8d53-598914d876a0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/7\/404.png","photo_position":"above","related_issue":[566775],"teaser":"","voice_url":""},"yoast_head":"\nSubsidized 30-year mortgages are now a thing for low- and middle-income earners - 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\/13\/subsidized-30-year-mortgages-are-now-a-thing-for-low-and-middle-income-earners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Subsidized 30-year mortgages are now a thing for low- and middle-income earners\" \/>\n<meta property=\"og:description\" content=\"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). 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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":566778,"position":2},"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":560827,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/15\/are-we-getting-30-year-3-mortgages\/","url_meta":{"origin":566778,"position":3},"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":563734,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/more-details-on-the-egp-100-bn-mortgage-finance-initiative\/","url_meta":{"origin":566778,"position":4},"title":"More details on the EGP 100 bn mortgage finance initiative","author":"enterpriseam admin","date":"14 July 2021","format":false,"excerpt":"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\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\/2021\/7\/203.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":601256,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/24\/cbe-amends-how-state-subsidized-mortgages-to-low-income-households-will-be-dispersed\/","url_meta":{"origin":566778,"position":5},"title":"CBE amends how state-subsidized mortgages to low-income households will be dispersed","author":"enterpriseam admin","date":"24 February 2019","format":false,"excerpt":"CBE amends how state-subsidized mortgages to low-income households will be disbursed: The central bank amended the terms for how the state will doll out mortgage subsidies under the Mortgage Finance Fund, nearly a month after announcing it would restrict these subsidies solely to low-income households. The note from the CBE\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\/566778","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=566778"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566778\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/566775"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/566779"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=566778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=566778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=566778"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=566778"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=566778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}