Cairo - Mubasher: The Central Bank of Egypt (CBE) has launched a mortgage finance initiative, allocating EGP 100 billion for financing housing units for low- and middle-income earners.  

Under the initiative, banks and mortgage finance companies will offer loans at a declining interest of 3% over a repayment period of up to 30 years, the CBE said in a statement on Tuesday. 

Low-income people earning up to EGP 4,500 per month, if single, and EGP 6,000 per month, if married, will be given access to mortgage finance with an advance payment of 10% for units with a maximum value of EGP 350,000. 

In addition, the middle-income homebuyers earning up to EGP 10,000 monthly, for single people, and EGP 14,000 monthly, for married people, will be able to pay 15% in advance for units with a maximum value of EGP 1.1 million or pay 20% in advance for units with a value of up to EGP 1.4 million.