A new real estate finance initiative of EGP 100bn- allocated for low and middle incomes- is announced, confirms Mai Abdel Hamid, head of Social Housing and Mortgage Finance Fund (SHMFF).
The latest initiative targets low and middle income segments; therefore, funding agencies are to evaluate applicants requests, evaluate units if they meet the conditions and approve the funds. If applicants request real estate financing for properties outside of the SHMFF, are also welcome to apply for this new fund so long as the to-be-purchased property meets the conditions as well.
Abdel Hamid confirms that there are no limits on unit sizes, noting that the low-income citizen receives support from the state, equal to about half the value of the housing unit. Beneficiary of this initiative should be of Egyptian nationality, self-employed, craftsmen, and those with special needs who live on income and or pensions. furthermore, the financed housing unit should be fully finished and for the purpose of permanent residence.
Abdel Hamid points out that the implementation of the new initiative procedures will include three types of beneficiaries:
- Those beneficiaries of previous initiatives announced back in June 2020 and December 2019 for the projects (Sakan Misr / Dar Misr / Jannah) at a decreasing return rate of 8% and if they meet the requirements and conditions
- Applicants of the first phase of the presidential initiative “Housing for All Egyptians (1)” , if requirements and conditions are met
- for all current applicants of this initiative and its future benefits and updates until the financial allocations stipulated for the initiative run out