ArabFinance: The Financial Regulatory Authority (FRA) increased the value of mortgage installments to 50% of the applicants’ income, instead of 35% and 40% for different incomes, according to a statement on December 27^th.

Accordingly, home buyers can now pay up to 50% of their monthly income in mortgage installments, which enables them to apply for bigger loans.

Chairman of the FRA, Mohamed Farid, said that the authority was always working on finding solutions and appropriate alternatives to boost the efficiency and competitiveness of non-banking financial markets, including mortgages.

Based on FRA’s data, the value of mortgages provided by companies amounted to EGP 4.2 billion in the third quarter of 2022, up 71.5% from the year-ago period.

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