2019-02-24

A circular dated February 21, 2019 regarding the rules and procedures for the real estate financing initiative for low-income people

In a letter dated February 21, 2019, the Central Bank of Egypt's Chairman addresses the continuation of the bank's mortgage financing initiative for low-income customers. The letter outlines rules and procedures, including providing necessary financing through banks' self-resources at a fixed interest rate for a maximum of 20 years. It also mentions compensating banks for the interest rate difference and emphasizes that interest rates for customers must remain unchanged throughout the loan period. The letter concludes by highlighting the need for banks to adhere to credit granting controls and maintain proper records.

Egypt

Central Bank of Egypt

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