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Egypt reduces mortgage term for low, middle income citizens

Egypt reduces mortgage term for low, middle income citizens
Social housing

Cairo - Mubasher: Social Housing and Mortgage Finance Fund's (SHMFF) board of directors approved a decision to reduce the minimum term of mortgage funding to five years instead of seven for low- and middle-income earners applying for the Central Bank of Egypt's (CBE) initiatives.

The minimum period of the mortgage was not determined in the terms of the mortgage finance initiative launched in February 2014 as well as the medium-income mortgage initiative launched in December 2019, the SHMFF's Executive Director, Mai Abdel Hamid, said in a statement on Thursday. 

Moreover, the board also approved the launch of 300 rural houses with areas of 90 square metres (sqm) for sale in the New Valley Governorate.