CAIRO: The Minister of Housing opened the door Tuesday to receive booking applications for 24,000 residential units in the second phase of its social housing program, Mubasher reported.
The units were built in nine governorates including Cairo, Alexandria, Suez, Sohag, Beheira, Beni Suef and Qena, Minister of Housing Mostafa Madbouly said.
The project was a part of the electoral campaign of now-President Abdel Fatah al-Sisi who won a landslide victory securing 93.3 percent of the votes cast.
In early March, Sisi called to launch a low-income housing project of one million residential units across Egypt with the aim of solving Egypt’s housing problem.
The project is being carried out by the UAE-based Arabtec construction company and the Military Engineering Authority (MEA).
Salah Hassan, head of the executive body for Social Housing Projects, announced that “owning a residential unit requires paying 5,000 EGP as down payment along with maximum family income of EGP 40,000 per year.”
Hassan added that age of an eligible applicant must be between 21 and 45 years old.
To ease the burden on the low and middle-income people who are willing to own a unit, the mortgage finance fund provides loans up to 25.000 EGP per family depends on its income, Hassan said.
In an attempt to contribute to solving the housing crisis, CBE offered in February 10 billion EGP ($ 1.4 billion) to banks operating in Egypt for 20 years, to be lent to people of low and average-income at a 7 and 8 percent interest, respectively, to buy housing units in new urban communities.