The launch of the housing fund for the construction and purchase of housing loans mechanisms

9/3/2016, 18:06 Published by: Messenger of Delphi

The launch of the housing fund for the construction and purchase of housing loans mechanisms

Sadiq Prime Minister Haider al-Abadi, on Tuesday, on the mechanics of lending for housing fund loans, the central bank's five trillion Iraqi dinars.

According to the Information Office of the Prime Minister, in a press statement that "according to the mechanism of distribution of loans will be distributed to the provinces to adopt a standard percentage of population (80%) and standard degree of poverty (20%) for each province."

The statement added that "the amount of each loan no more than 50 million paid to the beneficiary in two installments, the interest rate (2%) after one year grace one of the date of receipt of each batch."

He said the loans will be granted "for the purposes of construction and the addition of construction and grants as well as for those wishing to purchase residential units in investment complexes, as he gives to rebuild housing units because of the devastating terrorist operations."

It specified that "The term of lending 10 years are recovered in equal monthly installments within the prescribed period."

The mechanics of lending Housing Fund

General Conditions:

First: the distribution of housing loans to the provinces in accordance with the credit plan is by the Housing Fund and by 80% as a standard population ratios of 20% as the standard for the degree of poverty in the province (summarized in the attached table).

Second: Iraqi-old student loan (22) years and over and the entire civil and not exceed the age of the beneficiary (65) years.

Third, the interest is imposed on the granting of loans ratios are (2%) per annum for the benefit of the central bank.

Fourth: The Fund shall establish time limits for the completion of the transactions.

Fifth: The Housing Fund launched a website hotline phone service for the purpose of the follow-up phases of the completion of the treatment of the borrower loans and be a presentation via the website of the Fund without any financial payments are met.

Sixth: bears Director General of the Fund and directors of departments concerned and the director of the branch committees disclose full responsibility for the granting of the loan and check the conditions are met, each according to his responsibility.

Seventh: The update information of the borrower and the guarantor periodically Fund.

Eighth: Interest on loans is calculated by the central bank after a year grace one of the date of receipt of each batch of the central bank.

Ninth: The housing fund to submit periodic reports every three months on the work done by Governorate and the amounts to the Supreme Committee supervising the lending in the Prime Minister's Office.

Help lending:

First, the inclusion of all Iraqi citizens the loan in accordance with regulations issued by the Supreme Committee for lending in the Office of the Prime Minister.

Second, the loan is granted for the purpose of construction or add construction to those who owns a piece of residential land on the face of independence or rumored to him, and not less than earth communal space for 100 square meters and less construction area of ​​about 65 square meters, does not grant to build on agricultural land plots and industrial.

Third, the loan is granted for those wishing to buy residential units in residential complexes or investment under the Investment Law which are no less net area of ​​about 65 square meters.

Fourth: The loan is granted for the reconstruction of housing units because of the devastating terrorist operations and in order of priority starting with the ceilings of demolished housing units completely.

Fifth: the beneficiary offers guarantor guarantor or more permanent civil servants on the permanent staffing or employees of the Interior Ministry, covers half of their pay nominal monthly installment impact owed by the amount of the borrower and to ratify the sponsorship of a notary Fund and the sponsor department undertakes to deduct the monthly installments from the salary of the sponsor when so requested by the Iraqi housing Fund officially.

Sixth: bears borrower wages of administrative services at 1% of the loan amount in favor of the housing fund is taken once when the first batch Exchange, and is distributed as incentives to the staff of the Fund in accordance with the instructions issued by the Board of Directors and approved by the Minister of Construction and Housing.

Lending ceilings:

Be the loan amount to no more than (50) million for each case of lending.

Pays the loan in two installments to the beneficiaries in accordance with instructions issued Fund Board.

Detection and guessing procedures:

Wages have met the detection and guesswork out of the beneficiary of $ (sixty thousand dinars) for each detection, these wages are distributed as incentives to employees in accordance with the instructions issued by the Board of Directors and approved by the Minister of Construction and Housing.

Duration of the loan and the repayment mechanism:

Be the loan term to 10 years (ten years) and the maximum is restored in equal monthly installments of the loan within the prescribed period.

The Housing Fund application payment mechanisms and grants, according to the instructions of the window.