Egypt Implements 878,000 Housing Units for Low-Income Citizens under Social Housing Program
The Social Housing Fund announced the completion of 878,000 units for low-income individuals with an area of 90 square meters, alongside mortgage financing approaching 120 billion EGP and cash subsidies exceeding 10.7 billion.
Engineer Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, announced the completion of approximately 878,000 housing units under the Social Housing Program, while work continues on other units to be delivered according to specified schedules.
In an intervention on the program "Al-Youm" on DMC channel, she explained that the offered units have an area of about 90 square meters, fully finished, with services and utilities provided to help citizens move to new cities. She added that the program is not limited to building units, but aims to create integrated urban communities.
She pointed out that the program provides mortgage financing through participating banks with the option to pay for the unit over 20 years, and that the state provides cash subsidies deducted from the down payment, alongside interest rate subsidies. She revealed that more than 70,000 beneficiaries have received their units and obtained mortgage financing approaching 120 billion EGP, in addition to cash subsidies exceeding 10.7 billion EGP.
She stressed that the Fund adheres to the prices announced in the terms and conditions booklets without burdening beneficiaries with increases resulting from exchange rate changes or rising building material costs.
What Do These Terms Mean?
Social Housing: A government program providing housing units at subsidized prices for low-income groups.
Mortgage Finance: A long-term loan obtained by the buyer to purchase a housing unit, repaid in installments.
Interest Rate Subsidy: The state bearing part of the loan interest to reduce the value of the monthly installment.
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