The Ministry of Housing, Utilities and Urban Communities approved the extension period to swap reservation of social housing units to the end of July, Head of the Mortgage Finance Fund, May Abdel Hamid, told Invest Gate.

Following a number of petitions to swap reservations from cities to another, and to allow for due payments to be paid within the extended period, the ministry has allowed a swap of reservation from the cities of New Cairo and Al Salam, to Al Shorouk, 15th of May, and Badr cities.

Additionally, the same extension was also approved for applicants for 6th of October – Dahshour units.

Applicants who wish to swap their reservations will need to pay an additional EGP 4,000 at the Housing and Development Bank as confirmation, Abdel Hamid said, adding that the remaining down payments of the units should be paid quarterly over the course of a year, with a rate of EGP 4,000 every three months starting September 2016.

As for Dahshour applicants who were not allocated units in the social housing project’s first phase and would prefer to apply for other units, an additional EGP 4,000 will need to be paid, while the remaining value of the down payment will be paid quarterly, at a rate of EGP 4,000 per quarter for a year, starting from September 2016.