Dubai Expo 2020 recommends postponing a year amid virus    US expected to renew sanctions waivers allowing Iran nonproliferation work: Sources    How will we vote? Outbreak revives debate mail-in ballots    Poland vote could be postponed if safety not guaranteed: President    What you need to know about the Central Bank of Egypt's new cash deposits and daily withdrawal limits    Saudi, UAE businesses battle cash crunch despite anti-coronavirus stimulus    Tokyo Olympics rescheduled for July 23-Aug 2021: Organizing committee    Iran's coronavirus death toll reaches 2,757: Health official        Serie A hits back at Italy sports minister Spadafora over 'bubble' remark    Drop in China's new coronavirus cases; none in Wuhan for sixth day    Egypt's FRA launches policies for micro-finance activity amid coronavirus    Mourinho to take Tottenham training via video amid coronavirus lockdown    Egypt's defender Elmohamady proud of 10-year milestone in England    Facebook users add ‘Stay At Home' frame to profile photos    How coronavirus affects real estate market in Santa Clarita Valley    UK epidemic is slowing and antibody test could be ready in days, top epidemiologist says    Twitter removes 2 Bolsonaro tweets questioning coronavirus quarantine    Egypt to extend closing mosques over coronavirus fears – minister    El-Tayeb urges Egyptians to stick to coronavirus preventative measures    Egypt, MENA growth forecast at 2.7%, -0.3% respectively: IIF    Prosecution warns of EGP 300k fine or 2-year jail for spreading fake coronavirus news    Al-Sisi discusses joint coronavirus efforts with Abu Dhabi Crown Prince    Saudi Arabia intercepts missiles over Riyadh    CBE temporarily regulates cash deposits, withdrawals    Lagging COVID-19 response to shield frail economy: Rouhani    Apple works with US House to release coronavirus app, website    California's houisng market unclear after new restrictions amid coronavirus    Farwell to Egyptian comedian George Sidhom    Weekend's virtual concerts, plays, and festivals people can stream at home    Egyptian comedy icon George Sidhom dies at 81    Shooting Egypt's Ramadan television series in the time of coronavirus    Egyptian court sentences five to death for vandalising gas pipeline, killing nine    Amid coronavirus outbreak, Egyptian Premier League cancellation seems inevitable    Brazilian football stadiums transformed into hospitals to treat coronavirus patients    Stay At Home: Ministry of Culture to publish free books online for public browsing    ‘We are here to boost the morale': Ahmed Zeidan, Egypt's ROOM Art Space& Café    IOC postpones Tokyo Olympics due to coronavirus pandemic    Playing for time    Water effects of the dam    What to watch to kill time in quarantine?    Japan PM Abe agree on delaying the Tokyo Olympics for one year    Ethiopia has not sent Egypt latest designs for GERD: Minister of Irrigation    Al-Sisi appreciates Kenya's support to Egypt's stance on GERD    Nigerien President hails Egypt's diplomatic attempts to reach agreement over GERD    Tom Hanks and wife Rita Wilson announced both test positive for coronavirus    Cairo court acquits Mubarak's sons of stock market manipulation    Egypt's President Sisi pardons some prisoners on 25 Jan. Revolution anniversary    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





CBE doubles mortgage finance share to 10% total loan portfolio at banks
Growth of the real estate sector contributes to the continuous improvement of economic indicators: deputy governor
Published in Daily News Egypt on 18 - 02 - 2020

The Central Bank of Egypt (CBE) allowed banks to double the size of the loans they grant to real estate financing, from 5% to 10% of their total loan portfolios, indicating that this percentage does not apply to the Egyptian Arab Land Bank and the Housing and Development Bank, as they are banks that specialise in real estate financing.
Gamal Negm, Deputy Governor of the CBE, said in a letter addressed to banks, that the adjustment of this percentage comes in light of the CBE's recent issuance of a new real estate mortgage financing initiative, whereby EGP 50bn were allocated to finance middle-income housing, which required an increase, to ensure that the expected rise is absorbed in the volume of real estate financing. He stated that the growth of this sector contributes to the continuous improvement in economic indicators.
On 13 March 2002, the CBE allowed banks to engage in financing for investments in the areas of housing purchasing, building, restoration, or improvement, as well as administrative units, service facilities, and commercial buildings. This includes financing provided to real estate finance companies in accordance to the provisions of real estate financing law No. 148 of 2001 and its executive regulations.
It is noteworthy that Negm had indicated in his statements a few days ago that the new real estate mortgage financing initiative had entered into force, and that banks had already started receiving customers' requests.
This initiative includes providing the necessary mortgage to customers who meet the conditions of the initiative through banks or real estate financing companies, at a reducing interest rate of 10%, for a maximum period of 20 years.
The conditions that must be met by the client benefiting from the initiative include that they be Egyptian, and that their maximum monthly income be EGP 40,000 for individuals and EGP 50,000 for families.
The customer has the right to benefit from the initiative for one residential unit only, and on the condition that the customer does not benefit from the real estate mortgage finance initiative launched by the CBE before.
The conditions that must be met in the unit being financed include that the unit must be for permanent housing, not licenced for tourist housing, the maximum area of the unit be 150 square metres, the maximum value of the unit be EGP 2.25m, and for customers to make a down payment of at least 20%.


Clic here to read the story from its source.