Mohie Eddin: NBE, Real Estate Finance Fund sign cooperation protocol

The National Bank of Egypt and the Real Estate Finance Fund signed yesterday a cooperation protocol, under which individuals will be able to purchase housing units at affordable prices.

According to the protocol, the first 15 percent of the value of a housing unit, up to a maximum of LE 10,000, will be paid to buyer, on condition that the unit is already registered and buyer's annual income is at least LE 12,000 annually his total family income doesn't exceed LE 18,000.

The Bank will also offer loans to buyer, to be repaid on easy terms.

Monthly installments added to the interest rate must not exceed 25 percent of buyer's monthly income.

After the signing of the protocol, the Minister told the press that the Central Bank Governor has decided to allocate 5 percent of securities held by all Egypt's public-sector banks, around LE 20 billion, for the fund, which will be a shot in the arm for local mortgage activity.