National Bank of Egypt

CBE Mortgage Initiative Social Housing Fund Projects - CBE's Mortgage Finance Initiative Low income 7.5%

7.5

Monthly income : This is determined and announced by the Social Housing and Mortgage Finance Fund, provided that the applicant does not own any unit, even by inheritance. Age : The borrower should be at least 21 years old on the loan granting date; should not be older than 65 years across all customer segments, or the retirement age for employees, whichever is earlier, on the loan maturity date; or be older than 75 years on the loan maturity date for the pensioners and pension beneficiaries segments. Nationality : Resident Egyptians only. Minimum service period: Six months for public and private sector employees and 12 months for business owners and self-employed individuals. Loan Tenor: A minimum of five years and up to 20 years. Unit price: EGP 600,000. Down payment: A minimum of 20% of the unit price or 40% for business owners, the self-employed, craftsmen, individuals with fluctuating income, pensioners and pension beneficiaries, and up to 60% of the total unit price Loan amount: Up to 80% of the unit price or 60% for business owners, the self-employed, craftsmen, individuals with fluctuating income, pensioners and pension beneficiaries. Maintenance deposit: A maximum of 5% of the unit's price (the value of the maintenance deposit shall be included in the loan granted to the customer). Debt burden ratio:The mortgage installment shall not exceed 40% of the customer's net income after excluding all sovereign deductions. The customer's overall debt burden ratio shall not exceed 50% for all the customer’s obligations.

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