Days before the units’ launch… How do you know that you meet the conditions of the 3 and 8% real estate financing initiative?

03:17 PM

Friday 04 February 2022

I wrote – Manal Al-Masry:

The Social Housing and Real Estate Finance Support Fund begins opening the door for reservations, starting from February 15, for housing units ready for immediate delivery to middle-income citizens without limited incomes. President of the Republic, at 3% declining and 8% declining interest.

The Social Housing Fund set the value of the available housing units between 451 thousand pounds and 1.9 million pounds, fully finished, depending on the type of project and the location of the unit, according to what was announced on its website.

Some citizens question the extent to which they are subject under any real estate financing initiative with interest of 3% or 8% annually on a decreasing basis. , as well as the value of the housing unit.

The Central Bank set specific instructions for each initiative, whether 3% or 8%, where it raised the value of the maximum monthly income by 8%, with the aim of giving flexibility and entering new segments who are not subject to the 3% initiative because they exceeded the maximum monthly income or increased the value of the housing unit.

Masrawy presents, in the following lines, the determinants of any citizen being subject to the Central Bank’s initiative for real estate financing with a decreasing annual interest rate of 3% or 8%, according to the definition of the Central Bank:

I- Initiative 3%:

Maximum monthly income: ranges from 4,500 pounds to 10,000 pounds for a single, and 14,000 pounds for a married (husband and wife’s salary together).

The value of the residential unit: from 451 thousand pounds to a maximum of 1.4 million pounds, fully finished.

The upfront rate: ranges from 15% as a minimum of the total unit value that does not exceed 1.1 million pounds, or 20% as a minimum of the unit value that does not exceed 1.4 million pounds.

The age ranges from 21 to 60 years, with the inclusion of the pensioners bracket for the first time, provided that he is no more than 75 years old when paying the last installment of the loan and paying a minimum of 40% of the total value of the housing unit.

Social status of the client: It is permissible for single and married people, widows or widows, divorced or divorced women, as well as those working abroad.

Job type: For employees in the government or the private sector, the self-employed, and the pensioners.

Second – Initiative 8%:

Maximum monthly income: ranges from 4,500 pounds to 40,000 pounds per month, and up to 50,000 pounds for a married person.

The value of the housing unit: The central raise requires no more than 2.5 million pounds, fully finished.

Down payment: 25% of the total value of the housing unit.

Age of the customer: from 21 years to 60 years when the last installment of the loan is paid.

Social status of the client: It is permissible for single and married people, widows or widows, divorced or divorced women, as well as those working abroad.

Job type: For employees in the government or the private sector, the self-employed, and the pensioners.

Reference-www.masrawy.com

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