Protests broke out in Port Said, demanding that the down-payment for units in the Social Housing Program be paid to the governorate not the Housing & Development Bank, after they were asked to pay EGP 48,000 as down-payment, in violation of the reservation contract, Al Mal reported.
Port Said Governor Adel Al Ghadban however confirmed that only EGP 10,000 is required as a down-payment for social housing units, and that 22,000 prospective homebuyers had proven eligible. The program consists of three phases and is reserved by paying a down-payment, followed by installments after proving eligibility to own a unit, he added.
The protesters demanded that a governorate official clarify the recent announcement made by the Housing & Development Bank and urged Port Said’s parliament members to intervene and stop these violations, according to Masr Al Arabia.
Some prospective homebuyers claim their names were transferred to the bank without prior notices and were asked to pay the additional EGP 25,000 to reserve their apartments, in addition to a monthly installment of EGP 800.