The Social Housing and Mortgage Finance Fund and Banque Misr have signed a protocol to enhance cooperation in providing mortgage finance to low-income and middle-income citizens, Invest-Gate reports.

The protocol was signed by Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, and Mohamed El-Etreby, Chairman of Banque Misr, in the presence of officials from both parties.

Following the signing of the protocol, Abdel Hamid explained that Banque Misr is one of the Fund’s primary partners in providing mortgage finance to low-income and middle-income citizens who apply for housing units through the presidential initiative Sakan Kol El Masryeen (“Housing for All Egyptians”).

She added that the protocol stipulates that Banque Misr should provide financing to low-income beneficiaries up to 90% of the unit value, while financing for middle-income individuals should not exceed 85%. The financing should be repaid within a maximum of 30 years, with an annual increase in the monthly installment not exceeding 7%.

Additionally, low-income customers are required to make a down payment of 10% of the unit value, up to a maximum of 50% of the unit value, along with the support provided by the Fund. Middle-income beneficiaries, on the other hand, are obligated to make a down payment of not less than 15% of the unit value.

El-Etreby stated that the new protocol aims to make mortgage finance available to low-income and middle-income citizens, with the bank allocating approximately EGP 25 bn for real estate financing to the Fund’s clients.