2019-02-24

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

The letter, dated February 21, 2019, is addressed to the Chairman of the Board of Directors of a bank, regarding the Central Bank's initiative for mortgage financing for low-income individuals. The letter outlines the rules and procedures for the initiative, including providing financing through banks' self-resources at a fixed interest rate for a maximum period of 20 years. It emphasizes that interest rates for clients should remain unchanged throughout the loan period. The letter also highlights the need for banks to adhere to credit granting guidelines and maintain proper records. The attached document provides detailed guidelines for the initiative, including eligibility criteria, interest rates, and repayment terms.

Egypt

Central Bank of Egypt

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