The United Bank is the seventh largest financier for low-income housing

08/06/2021

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According to the Social Housing Fund and Real Estate Financing Support report
The United Bank is the seventh largest financier for low-income housing exceeding one billion pounds
 
Cairo: June 8th, 2021

The report issued by the Social Housing and Real Estate Finance Support Fund announced yesterday that the volume of funds granted to low-income housing at The United Bank exceeded one billion. Thus, The United Bank will be the seventh largest financier of housing for low-income people in the race of banks and institutions that provide real estate financing for low-income housing in the market.

Ayman Mohamed - Head of Real Estate Finance Sector - says that The United Bank provides real estate financing service to low income people in 28 governorates in cooperation with the Social Housing Fund and real estate financing support for 7903 clients. This is within the framework of the directives of The President of The Republic and the initiatives of The Central Bank of Egypt to finance housing units for low-income housing with a competitive return and for long periods of up to 30 years.

Ayman indicated that The United Bank considers among its priorities the governorates of Upper Egypt and the cities of the new urban communities in order to increase the development and employment rates. It also grants real estate financing programs in a number of governorates of Lower Egypt and Delta.

He added that the distinguished real estate financing programs of The United Bank come in 8 of Upper Egypt governorates: Fayoum - Beni Suef - Meniya - Assiout - Sohag - Qena - Luxor - Aswan. It also provides real estate financing services for low- and middle-income people in 4 governorates in the Canal Zone: Port Said - Suez - Ismailia and the Red Sea. As well as 9 cities in the new urban communities: 6th of October - 10th of Ramadan - Obour – El Shorouk - Badr – Borg El Arab - Nubaria - New Damietta and New Alamein City. There are also 7 governorates in Lower Egypt and Delta region: Menoufeya - Gharbeya - Beheira - Kafr El Sheikh - Sharkeya - Dakahleya - Cairo.

Ayman Mohamed pointed out that The United Bank is one of the first banks that participated in The Central Bank's initiative for real estate financing for low and middle income housing, which is in the interest of the citizen in implementation of the Egyptian state's policy towards improving the standard of living of the Egyptian citizen.

He added that The Central Bank of Egypt's many initiatives contributed to the entry of new segments of clients, especially those with low incomes, as these categories are the most deserving of care, which helped in increasing the base of financial inclusion. The United Bank occupies the seventh rank among banks and companies that provide the service in the categories of low income.

Ayman Mohamed has set 10 conditions to benefit from the real estate development initiative: The apartment must be fully finished and complete with all facilities and all its legal documents are present - the maximum price of the units for middle income housing is 2 million and 250 thousand pounds per unit - the maximum price of the apartment for low income people is 350 thousand EGP - The minimum premium for a single is four thousand five hundred pounds and six thousand pounds for the family for low income apartments - and for the average income is forty thousand for the single and fifty thousand for the family for medium income - the initiative does not benefit people who have benefited from previous real estate financing initiatives - the funded unit may be sold only after 7 years - it is not required that the apartment be from a real estate developer affiliated with the government, but it is possible that the financing be done from a real estate developer from the private sector.