The Financial Regulatory Authority (FRA) amends the ratio of total mortgage installment value to customers’ income from a range between 35% and 40% to 50%, Invest-Gate reports.

The decision enables users of mortgage services to pay installments of up to 50% of their income, which allows them to take bigger loans.

FRA’s Chairman, Mohamed Farid, reiterates that the authority works continuously to provide solutions and suitable alternatives to elevate the efficiency and competitiveness of the non-banking financial markets, including mortgages.

The FRA is keen on carrying out technical discussions with all entities subject to its supervision to identify relevant opportunities, challenges, and updates in the market, Farid noted.

It is worth noting that the value of mortgages provided by companies surged by 71.5% YoY to EGP 4.2 bn in the third quarter of 2022.