The Ministry of Housing announced offering 18,061 units, as part of its social housing project, for Egyptians working abroad in 11 governorates, at prices ranging from EGP 175,000 to EGP 250,000, to be paid in dollars.
Mai Abdel Hamid, head of the Mortgage Finance Fund (MFF), said, at a press conference held by the ministry on Monday, that citizens can book their units starting from 4 February through a website that was launched by the Housing Ministry in cooperation with the Ministry of Communication.
She explained that 25% of a unit’s value should be transferred as a down payment and the rest would be paid over three years, as well as the Central Bank of Egypt (CBE) deducting an interest rate, on bank dollar transfers, of 3.75% per year.
Meanwhile, she added that in case of cash payments, the interest would not apply.
Abdel Hamid assured that the down payment can be paid over one month from the reservation opening day, and that no transferred funds before the opening period will be accepted.