central bank new initiatives for real estate financing at 8%
Mortgage loans for low-income citizens, in accordance with the Central Bank of Egypt’s initiative
Statement | Middle-income earners | ||
Maximum limit for residential unit | Up to 1.1 million | More than 1.1 million Up to 1.4 million | |
Maximum financing limit | 85% | 80% | |
Maximum monthly net income | Single | 13K | |
Married | 18K | ||
Maximum monthly installment | 40% of the monthly net income | ||
Administrative expenses | 1% | ||
Loan term | Minimum amount | 5 Years | |
Maximum amount | 30 Years | ||
Annual diminishing return | 8% | ||
Installment payment method | Either a set payment amount or a payment amount that increases over the course of the loan, | ||
Insurance | Our bank covers the costs and charges of the insurancefor both life and complete disability | ||
The Central Bank is to provide real estate financing at a reduced interest rate of 8%.
These subsidized loans are available to several groups:
- Government, public sector, and public business employees
- Private sector and investment sector employees who meet the Bank’s requirements
- Self-employed professionals and business owners
- Retirees up to 75 years old at the end of the loan term
To qualify for a loan, the home must meet these conditions:
- No maximum size limit
- Must be for permanent residence, not for seasonal or tourist use
- Fully constructed and ready to inhabit
- Has functioning utilities (electricity, water, etc.)
- Legally registered and up to code, with no violations
- The loan amount includes any maintenance fees and administrative costs
The loans can be used to purchase:
- Homes registered to the seller or built on land registered to the seller
- Homes owned by developers, housing associations, or other legal entities, provided the owner approves the sale ban.
