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Banque Misr launches new mortgage finance programmes for low and medium-income citizens
As part of the bank pioneering role in moving Egypt’s economic wheel, Banque Misr announced its participation in the Central Bank of Egypt's (CBE) mortgage finance initiative with the aim of boosting the real estate and construction sectors for the low income citizens. The bank allocated the first tranche worth EGP 3bn to be given to the low income citizens in the form of mortgage loans.
The money will be sent to banks, in the form of deposits, over a period of 20 years at low interest rates. The initiative will include all the new cities in Egypt (6th of October, 10th of Ramadan, 15 May, El Sadat, El Obour, Badr, New Menia, New Beni Suif, New Fayoum, New Sohag, New Assuit, New Qena and New Tiba).
The programme is directed to low and middle-income citizens. The fund finances individuals earning less than EGP 1,750 per month and families making a maximum of EGP 2,500 per month. In this case, the interest rate will be 7% yearly with a maximum loan at value of EGP 120,000. It is worth mentioning that "Mortgage Finance Fund" will participate in the initiative through offering cash support up to EGP 25,000.
The fund also finances individuals earning less than EGP 8,000 per month and families making a maximum of EGP 10, 000 per month. Eligible individuals and families will pay an interest rate of 8% yearly with a maximum loan value of EGP 270,000 and the cost of the housing unit should not exceed EGP 300,000.
Banque Misr has tailored different programmes to suit all the segments from private and public employees to the owners of the small and medium enterprises (SMEs). The bank is keen to facilitate all the paper procedures for the eligible citizens through its 495 branches scattered all over the country