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In Egypt, the plan to reduce mortgage rates

07.03.14

Due to lack of land, and therefore, shortage of affordable housing in Egypt, the island has become a problem of mass illegal construction. Over the past three years in the country illegally was built about 500 thousand. Facilities.

Experts say that 16 million. Egyptian citizens without adequate shelter. All this led to the decision of the authorities to reduce the mortgage rates for the poor. It also discusses options as to encourage developers Single from the residential sector to reduce the cost of new properties. From the statement of the minister of housing, utilities and urban development should be that by mid-2014 is planned to build about 50 thousand. Units of affordable housing and 90 thousand. - In the next 14 months.

The government plans to increase the maximum allowable difference between the income and the size of the mortgage loan, thereby giving more people the opportunity to apply for financial assistance to the State Mortgage Fund.

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