Mortgage Finance Fund looks into 20,600 citizens competing for 14,400 housing units

Daily News Egypt
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Some real estate companies have recently expressed their desire to be listed on the Egyptian Stock Exchange (EGX) to expand their activities to face expansion in their huge projects (AFP Photo)


Mortgage Finance Fund (MFF) concluded its validation procedure for about 20,600 Egyptian nationals out of a total of 145,000 vying for 14,400 housing units in cities of 6th of October and New Cairo. The fund rejected 8,400 applications.

The MFF has been validating applications from citizens seeking units in the Dahshur project in 6th of October City and New Cairo, noting that it rejected 7,419 applicants for Dahshur and 1,026 in New Cairo, chairperson of the fund May Abdel Hamid said.

Reasons for rejection include inaccuracy or falsity of information submitted, such as salary or current location, on which information a list of applicants is organised by the Ministry of Housing based on their priority, Abdel Hamid said.

The MFF is taking all appropriate legal measures against anyone who provided false information, she added.

According to Abdel Hamid, Dahshur and New Cairo topped the list of projects put forward by the Ministry of Housing’s project for social housing, where 12,528 units are offered in Dahshur and 1,896 in New Cairo. Some 163,000 citizens have submitted applications, of which 145,000 met the necessary criteria.

The criteria for choosing applicants stipulated a maximum salary set by the new bylaw of mortgage financing. Applicants, their partners, and children must not own other units, nor have obtained subsidised housing units, lands, or housing loans. Applicants must also be between 21 and 50 years of age when submitting their applications.

Abdel Hamid said that many applicants met the criteria. Hence, the ministry organised them based on priority, the standards of which were approved by the cabinet; 5% of the units are allocated for those with special needs. Moreover, married applicants with children come second in priority and are organised according to their monthly income. The third priority goes families with no children, followed by bachelors.

The MFF is managing units put forward by the Ministry of Housing, which amount to about 84,000 units over 122 projects in 22 provinces and 11 new cities.

The units have been announced through seven advertisements that attracted a total of 400,000 applications, of which 250,000 met the selection criteria.

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