{"id":578429,"date":"2022-12-28T04:00:07","date_gmt":"2022-12-28T04:00:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/28\/fra-eases-borrowing-limits-on-home-loans\/"},"modified":"2022-12-28T04:00:07","modified_gmt":"2022-12-28T04:00:07","slug":"fra-eases-borrowing-limits-on-home-loans","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/28\/fra-eases-borrowing-limits-on-home-loans\/","title":{"rendered":"FRA eases borrowing limits on home loans"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>The FRA is easing credit limits for homebuyers:<\/strong> The Financial Regulatory Authority has loosened income requirements for mortgage lenders in a move designed to boost lending and help people purchase homes amid rising house prices. In <a href=\"https:\/\/bit.ly\/3i057SL\">a statement<\/a> yesterday, the regulator said that it had raised the income \/ installment ratio to 50% from 35-40% previously, allowing borrowers to take on a greater amount of debt as a proportion of their income.<\/p>\n<ul>\n<li>Homebuyers are now eligible for mortgages that will see them pay <strong>up to 50%<\/strong> of their monthly income in installments<\/li>\n<li>The rules previously capped the monthly installments at <strong>35% for low-income individuals<\/strong> and <strong>40% for middle-income borrowers<\/strong>.<\/li>\n<\/ul>\n<p><strong>Why the change?<\/strong> The FRA said that the decision was taken in response to \u201cvarious economic variables,\u201d especially the soaring rate of inflation. The depreciation of the EGP against the greenback this year has sent urban inflation to five-year highs, which has also caused house prices to rise.<\/p>\n<p><strong>Uncertainty about state assistance for home loans:<\/strong> The move comes as the central bank stops subsidizing low-interest loans for homebuyers, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bc99d570-aa53-468e-b000-60de8fa427ff\">passes responsibility<\/a> to the Housing Ministry as part of the recent loan agreement with the IMF. It is unclear whether the Housing Ministry will keep the two subsidized mortgage initiatives going in their current forms.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The FRA is easing credit limits for homebuyers: The Financial Regulatory Authority has loosened income requirements for mortgage lenders in a move designed to boost lending and help people purchase homes amid rising house prices. In a statement yesterday, the regulator said that it had raised the income \/ installment ratio to 50% from 35-40% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":578430,"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":[8614],"tags":[72,76,8276,2061,595,83,871],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulation-watch","tag-enterpriseam","tag-financial-regulatory-authority","tag-housing","tag-mortgage-finance","tag-non-banking-financial-services","tag-real-estate","tag-regulation-watch","wpautop","entry"],"acf":{"mongo_id":"92711b90-c04c-43ea-9baa-c5f9ec57b2bd","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/12\/577.jpg","photo_position":"above","related_issue":[578422],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FRA eases borrowing limits on home loans - 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\/2022\/12\/28\/fra-eases-borrowing-limits-on-home-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FRA eases borrowing limits on home loans\" \/>\n<meta property=\"og:description\" content=\"The FRA is easing credit limits for homebuyers: The Financial Regulatory Authority has loosened income requirements for mortgage lenders in a move designed to boost lending and help people purchase homes amid rising house prices. 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