Egypt's Ministry of Housing, Utilities & Urban Development announced Today new facilities for Dar Misr project for medium-income housing units in response to buyers' demands. One of the most notable facilities is to prolong the time for payment to be 5 years instead of 4. Mostafa Madbouly - Minister of Housing - clarified that the newly-agreed type of payment would be; 10% as in deposit and 10% in form of contractual payment. He added that after making the contractual payment, quarterly payments worth EGP 7.500 for small unites and EGP 10.000 for large ones would be paid. "Buyers of 100-115 metre units shall pay EGP 7.500 as quarterly payment totalling EGP 30.000 annually; while buyers of 130, 140, and 150 metre units shall pay EGP 10.000 as quarterly payment, totalling EGP 40.000 annually" the minister noted. To meet buyers' requirements, the minister said by end of the first year, the remaining payment would be made in two forms; paying through mortgage finance or through 16 quarterly payments with no direct interest rates to the New Urban Communities Authority (NUCA) Madbouly affirmed that those facilities would prolong the time for payment to 5 years with no interest rates. About mortgage finance, minister affirmed that, as pursuant to the most recent approvals by the Central Bank of Egypt, unites would be funded through the CBE's mortgage finance initiative till EGP 500.000 per unit with 8 % declining interest rates.
