Mashreq Bank – Egypt launched a real estate mortgage finance programme, in cooperation with the Mortgage Finance Fund, in accordance with the Central Bank of Egypt’s (CBE) mortgage finance initiative for low-income individuals.
“This step is part of the bank’s integrated strategic plan to boost financial inclusion and to implement the government’s plan to facilitate access to properties, in accordance with the CBE plan,” said Sachin Das, head of retail banking.
Jinu Johnson, head of personal banking at Mashreq Bank, said that the financing will last for up to 20 years, with a financing value of up to 85% of the housing unit’s price, adding that the financing will have a subsidized interest of 7% per annum.
He added that the price of the property will be determined according to the price set by the board of directors of the Mortgage Finance Fund.
Amr El Bahey, CEO of the bank, said that the bank will continue to participate in the CBE’s various initiatives and will play an active role in the banking sector in the Egyptian market.
