The Central Bank of Egypt (CBE) is studying amendments to the mortgage finance initiative introduced in 2014, Al Mal News reported.

Modifications to the initiative would allow more low and middle-income earners to benefit from low-interest mortgages, according to Al Bawaba news.

Some of the amendments studied include altering the definition of the low-income segment to include earners between EGP 3,500- EGP 5,000, to benefit from the 7-8%  declining interest rate.

The CBE is also considering adding professional unions into the initiative, and adding a new financing scheme for the lease-to-own scheme for people with monthly salaries of less than EGP 1,000.

Approximately 52,000 people have benefited from the mortgage finance initiative to date, according to Al Borsa News.