By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    World Bank agrees $7bn new partnership framework with Egypt
    World Bank agrees $7bn new partnership framework with Egypt
    March 22, 2023
    IFC-supported partnership launched to help increase clean water supply in Egypt
    IFC-supported partnership launched to help increase clean water supply in Egypt
    March 22, 2023
    International powerhouse brands turn to inaugural GITEX Africa 2023 as launchpad to scale operations in the world’s next biggest digital economy
    International powerhouse brands turn to inaugural GITEX Africa 2023 as launchpad to scale operations in the world’s next biggest digital economy  
    March 22, 2023
    Egypt starts trial operation of ‘Iqat’ gold mine: Minister of Petroleum 
    Egypt starts trial operation of ‘Iqat’ gold mine: Minister of Petroleum 
    March 22, 2023
    Egypt aims to attract 30 million tourists in 2028: Tourism Minister
    Egypt aims to attract 30 million tourists in 2028: Tourism Minister
    March 22, 2023
  • Politics
    PoliticsShow More
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    March 22, 2023
    Turkish President  Recep Tayyip Erdoğan and Egypt President Abdel-Fattah Al-Sisi met in Doha
    Opinion| Türkiye and Egypt: For better times with many opportunities
    March 22, 2023
    Drought caused 43,000 deaths in Somalia in 2022: UN
    Drought caused 43,000 deaths in Somalia in 2022: UN 
    March 22, 2023
    Opinion| The Chinese dragon occupies America's place in the Middle East
    Opinion| The Chinese dragon occupies America’s place in the Middle East
    March 22, 2023
    Al Azhar University partners with Google to empower students with latest learning solutions
    Al Azhar University partners with Google to empower students with latest learning solutions
    March 22, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Cabinet expands access to mortgage assistance
Share
Notification
Latest News
World Bank agrees $7bn new partnership framework with Egypt
World Bank agrees $7bn new partnership framework with Egypt
Business
Egypt’s foreign minister phones Algerian counterpart over boosting ties
Egypt’s foreign minister phones Algerian counterpart over boosting ties
Politics Egypt
IFC-supported partnership launched to help increase clean water supply in Egypt
IFC-supported partnership launched to help increase clean water supply in Egypt
Business
Turkish President  Recep Tayyip Erdoğan and Egypt President Abdel-Fattah Al-Sisi met in Doha
Opinion| Türkiye and Egypt: For better times with many opportunities
Politics Opinion
International powerhouse brands turn to inaugural GITEX Africa 2023 as launchpad to scale operations in the world’s next biggest digital economy
International powerhouse brands turn to inaugural GITEX Africa 2023 as launchpad to scale operations in the world’s next biggest digital economy  
Business Technology
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Cabinet expands access to mortgage assistance
Business

Cabinet expands access to mortgage assistance

Doaa Farid
Last updated: 2014/03/22 at 4:38 PM
By Doaa Farid 2 Min Read
Share
Low-income housing is witnessing a low turnout due to the inability of Egypt’s youth to pay as well as high interest rates. (AFP Photo)
SHARE
Residents of Cairo's slums have been voicing demands for better housing (AFP Photo)
Residents of Cairo’s slums have been voicing demands for better housing
(AFP Photo)

The cabinet approved a draft law Thursday amending the Real Estate Finance Law, according to a cabinet statement.

According to the amended law, beneficiaries of the Mortgage Finance Fund will be expanded, making it easier for low-income citizens to access assistance. The law also defines which low-income projects are eligible for financing.

The amount of mortgage finance subsidy that the government grants to low-income families will also increase under the revised law. The subsidy, commenced in 2003, is designed to help low-income families whose monthly income doesn’t exceed EGP 2,500.

Mortgage finance involves the “purchase, construction, restoration or development of houses, administrative units, service foundations and any building designed for practising trade”, according to the Egyptian Financial Supervisory Authority (EFSA), which organises and regulates the programme.

Mortgage finance companies, under the amended law, will be exempted from paying taxes that should be paid after lending investors a real estate fund.

In January, the EFSA and the New Urban Communities Authority (NUCA) signed an agreement with the aim of simplifying property registration in new cities, providing better access to housing loans and ensuring the rights of mortgage finance companies.

Hoping to boost the real estate sector, several investment groups from the Gulf region signed investment agreements with their Egyptian counterparts in January, the Ministry of Housing reported at the time.

The real estate market is showing signs of improvement as the Egyptian economy moved toward recovery in the fourth quarter (Q4) of 2013, according to a February report from real estate investment and advisory firm Jones Lang LaSalle.

Around 190,000 square miles of retail space was introduced in Q4 2013, the retail market witnessed the “largest surge” in retail construction supply since 2011, according to the report.

You Might Also Like

World Bank agrees $7bn new partnership framework with Egypt

IFC-supported partnership launched to help increase clean water supply in Egypt

Opinion| Türkiye and Egypt: For better times with many opportunities

International powerhouse brands turn to inaugural GITEX Africa 2023 as launchpad to scale operations in the world’s next biggest digital economy  

Egypt starts trial operation of ‘Iqat’ gold mine: Minister of Petroleum 

TAGGED: Daily, Egypt, Egyptian Financial Supervisory Authority, Mortgage finance, News
Share this Article
Facebook Twitter Email Print
Previous Article Gilead offers Egypt new hepatitis C drug at 99% discount
Next Article Russian sanctions ripple through corporate boardrooms
1 Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

World Bank agrees $7bn new partnership framework with Egypt
World Bank agrees $7bn new partnership framework with Egypt
Business
Egypt’s foreign minister phones Algerian counterpart over boosting ties
Egypt’s foreign minister phones Algerian counterpart over boosting ties
Politics Egypt
IFC-supported partnership launched to help increase clean water supply in Egypt
IFC-supported partnership launched to help increase clean water supply in Egypt
Business
Turkish President  Recep Tayyip Erdoğan and Egypt President Abdel-Fattah Al-Sisi met in Doha
Opinion| Türkiye and Egypt: For better times with many opportunities
Politics Opinion
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?