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Tuesday, 5 September 2017

Mortgage Finance Fund to doll out EGP 10 bn this year

The Mortgage Finance Fund is looking to doll out EGP 10 bn this year, reports Al Borsa. The plan comes as part of CBE’s initiative to boost lending to middle and low income homeowners over the coming years, says Mai Abdel Hamid, CEO of the Social Housing Fund which had been merged with the Mortgage Finance Fund earlier this year. The initiative is looking to loan out another EGP 10 bn in 2018. Mortgage rates coming set by the fund are 7% for low income loans and 8% for middle income for up to EGP 500k. The liquidity for the fund comes from World Bank loans and some local banks, including CIB.

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