Financial supervision approves financing of social housing units with 50%

For the first time, the Egyptian Financial Supervisory Authority (EFSA) agreed to finance 50% of the Social Housing Fund projects as part of the implementation of the government's program to fulfill its obligations towards the citizens.

In this context, the councilor Reda Abdul Muti, vice president of the Egyptian Financial Supervisory Authority, said that in the light of the commitment of the Authority and of its role in the implementation of the government plan in this regard, the goal is to remove the obstacles and problems faced by the mortgage finance business, especially for low-income people, and offer a range of facilities to activate this market for the benefit of the state and individuals. "

For the" seventh day ", the Authority has developed a more flexible mechanism that allows companies to finance projects belonging to the Fund for Social Housing: the completion rate of 50% and the valuation report on the market value and the current value Amwal "value at the completion of the unit" Third, the tripartite contract on real estate financing states that the seller of "Social Housing Fund "

Reza Abd El-Moati said the decision aims to remove obstacles Financial corporations sometimes agree that the granting of funding and collection of customer bonuses are approved and that the disbursement for non-performance of the units is not 100% according to the reports of the real estate residents who value these units NOA

The mortgage financing sector contributes to the provision of medium and long-term financing for the acquisition of real estate, for economic purposes or for the purposes of financing, restoration and maintenance of housing.

The total value of mortgage financing granted was 8.5 billion LE at the end of 2017, compared to 7 billion LE in 2016, a growth rate of 21.4%, the real estate financing activity being 4 , 3 billion pounds in 2013, Sector, and this sector has contributed to the promotion of demand And the rest was for administrative, commercial and service housing.

The amount of funding provided by the Egyptian Mortgage Refinancing Company amounted to 153 million pounds in 2017 compared to 132

In 2017, the Administration received 4 complaints regarding Mortgage finance companies versus 11 complaints in 2016, all completed during the year.