Now you can benefit from the low interest rates, supported by the Central Bank of Egypt (CBE) and the Mortgage Finance Fund (MFF), to finance the low income individuals in order to buy housing units in new urban communities as per the program regulations.
- Fixed interest rate 7% for low income individuals
- Repayment period from 7 years to 20 years.
- Age for Egyptians: from 21 to 53 years old.
- Initial installment with a minimum of 10% and a maximum of 40% from the housing unit payment.
- Free life insurance for the client in case of death or disability.
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the APR, which is going to be calculated in this example.
Years: This is the original term or length of the product, stated in years.
Effective Monthly Payment: This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%): The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.