CAIRO: National Bank of Egypt (NBE) decided to participate with 3 billion EGP in an initiative launched by the Central Bank of Egypt to activate real estate funding in Egypt as of today.
The initiative aims at offering facilitation to people’s purchase of new housing units in the new urban communities and limited-income housing projects across the country.
In statement released on Tuesday, NBE said the value of real estate loans with a seven percent annual interest rate will be installed over 20 years. The loans with values ranging between 30,000 EGP to 120,000 EGP will be offered to employees, owners of commercial activities and free businesses who do not own housing units.
Loans will also be offered to people with medium-range incomes with an eight percent annual interest rate to buy housing units with a maximum value of 300,000 EGP.
NBE allocated a hotline 19623 for citizens to answer their questions about the aforementioned loans.