Assem El Gazzar, Minister of Housing, Utilities, and Urban Utilities announces that the Social Housing and Mortgage Finance Fund (SHMFF) has opened the reservation for fully finished housing units, as part of President Abdel Fattah El-Sisi’s initiative “Housing for All Egyptians 2” for low- and middle-income segments, Invest-Gate reports.

This comes as part of the Central Bank of Egypt’s (CBE) finance initiative at an interest rate of 3% for 30 years. This initiative has been implemented since July 13, 2021.

In this regard, the minister of housing confirms that offering the second phase proves the unprecedented success of this presidential initiative, which has witnessed a high turnout.

On her part, Mai Abdel Hamid, CEO of SHMFF states that two announcements will be made offering residential units ready for delivery and to be delivered in 36 months, adding that reservations will be through the SHMFF’s web portal (www.shmff.gov.eg) from August 8- 14, 2021, for people with special needs only, and from August 15 to September 9, 2021, for all citizens.

Additionally, according to the initiative’s conditions, a down payment (starting from 10% for low-income units, and 15% for middle-income units) should be paid for 30 years at a decreasing rate of 3% annually.

It is noteworthy that the maximum annual net income for low-income single individuals is EGP 54,000 (EGP 4,500/ month), and the maximum annual net income for a family is EGP 72,000 (EGP 6,000/month). While, the maximum annual net income for middle-income single individuals is EGP 120,000 (EGP 10,000/month), and EGP 168,000 for a family (EGP 14,000/month).