Regulatory Alerts2021-07-13
Added · Updated
Circular dated July 13, 2021 regarding the real estate financing initiative for low- and middle-income people at a return rate of 3%
The Central Bank of Egypt issues a circular launching a real estate financing initiative allocating 100 billion Egyptian pounds to low- and middle-income individuals at a 3% declining interest rate for up to 30 years. The initiative mandates a minimum 10% down payment, applies to current beneficiaries of the 2019 middle-income initiative, and establishes specific compensation formulas for banks, credit assessment criteria, and repayment rules for early settlement or default.