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Thursday, 24 June 2021

Middle-income homebuyers are now eligible for shorter mortgage terms

Gov’t cuts minimum mortgage terms in CBE mortgage programs: The minimum term for home mortgages under CBE-supported home lending programs was reduced to five years from a previous seven years, according to a decision by state-run Social Housing and Mortgage Finance Fund. The move is meant to help homeowners making enough money to pay out mortgages and fully own properties within a shorter period of time. The CBE recently made low-income earners eligible for home loans at a subsidized rate of 3% and a 30-year repayment period under a new EGP 100 bn mortgage finance program, after having previously focussed on middle-income housing in its original scheme.

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