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The United Bank
announces the achievement of 2 billion Egyptian Pounds for middle and low- income mortgage finance
Cairo: 13th of September, 2022
The United Bank stated that the mortgage finance for low and middle- income has reached 2 billion Egyptian pounds till the end of August 2022. Consequently, UB becomes the eighth largest mortgage finance for low and middle- income provider as per the social housing and finance support fund report.
UB clarifies that expanding in the mortgage finance is one of the mechanisms of both the Egyptian state and The Central Bank of Egypt to accomplish social equity and eliminate squatter areas. As well as, its importance in pushing the market forward through providing supported units for low and middle- income. Besides, its importance in increasing the housing activities, the thing that leads to improving economy and contributes to increasing the economic growth rates in general.
UB pointed out that targeting the middle class with supported units is very important, especially that this class always seeks property ownership. This is in addition to the mortgage finance initiative for low- income.
The United Bank also focuses huge attention to the digital applications, which reflects directly on speeding up transactions related to mortgage finance clients. That’s through many options: installments- payment through more than 225 ATMs all around the Republic in addition to 68 UB branches. Also, salary transfer procedure, or bank transfer without the need to go to the branch. The thing that enables clients from various governorates to make transactions.
It’s worth mentioning that UB provides housing finance service for low- income in 28 governorates in cooperation with the Social Housing Fund and Real Estate Financing Support. According to the directives of Mr. President and CBE plans, to provide mortgage finance to low- income with a competitive return over long periods up to 30 years.
The United Bank places among its priorities Upper Egypt governorates and the cities of new urban communities, in order to increase development and employment rates. UB, also provides mortgage finance to in a number of Delta and lower Egypt governorates.
UB distinguished housing finance programs come in 8 of Upper Egypt governorates: Fayoum, Beni Suef, El Menia, Assiout, Sohag, Qena, Luxor and Aswan. It also provides mortgage finance services to low and middle- income in 4 Canal governorates: Port Saied, Suez, Ismailia and Red Sea. Besides, 9 cities in the new urban communities: 6th of October,Tenth of Ramadan, El Obour, El Shorouk, Badr, Borg El Arab, Nubarya, New Damietta, and New El Alameen City. As well as 7 Lower Egypt and Delta governorates: Menofya, Gharbia, Beheira, Kafr El Sheikh, Sharkya, Dhakhlia, and Cairo.