The Social Housing and Mortgage Finance Fund has unveiled the 12th announcement of residential units, offering several ready-for-delivery units worth EGP 197,000 each across Egypt, as part of its Lower Egypt and Canal Zone Development Initiative, Invest-Gate reports.

With areas up to 90 square meters, the new fully-finished three-bedroom apartments will be put forth in Sharqia, Alexandria, Dakahlia, Ismailia, Kafr El Sheikh, Monufia, Beheira, and Gharbia governorates, Minister of Housing, Utilities, and Urban Communities Assem El Gazzar said in a ministerial statement on October 21.

Interested buyers are required to hook into a fixed-rate mortgage, backed by a 7% annual interest rate, with monthly installments of up to 20 years and prorated cash support of up to EGP 40,000, based on the applicant’s income, El Gazzar revealed.

Additionally, up-front payments of EGP 14,000 per unit, together with data registration and submission of booklets of conditions, should be carried out between November 11 and December 12. Meanwhile, people with disabilities can exclusively reserve properties from November 3 to 11, only if a medical report by the Egyptian Accreditation Council was appended to the application.

According to Mai Abdel Hamid, the fund’s CEO, clients are asked to pay 15% of the unit price once acquired, in addition to settling another 5% as a maintenance deposit. Yet, the total of both sums shall not surpass 40% of the customer’s net income, which should not be more than EGP 5,700 per month, however, the value is still subject to a 7% annual increase for 20 years max.