Approval detailed mechanism for new housing loans under CBI initiative 3-24
Approval of the detailed mechanism for new housing loans under the central bank initiative
Twilight News / Minister of Construction and Housing and public municipalities Tariq Kikhany on Thursday announced the ratification of the detailed mechanism for implementing the Cabinet's decision to lend to the housing fund under the ministry included the mechanisms of lending to fund 850 billion dinars.
The minister said in a statement responded to the Twilight News, have been allocated 20% of the allocated for the Housing Fund Amount (excluding the Kurdistan region) for the purposes of the purchase of residential apartments of investment complexes and are entitled to the Fund's adjusted ratio management, according to the actual need, as will be allocated 747.473 billion dinars will be by 80 % of any amount 597.978 billion dinars for individual lending and 20% of any amount 149 495 for the purchase of residential apartments.
And that will be put to grant special loans to buy apartments suitable mechanisms after the completion of the development of mechanisms for individual lending and then determine the appropriate residential complexes to which they apply these conditions.
He Kikhany that monthly premiums for new loans under the CBI initiative to be on the first two installments of 40% upon completion of Albadlo stage and the second 60% upon completion of stage finishes or the first to be 60% upon completion of Almsagv structure and the second 40% upon completion of stage finishes and procedures Fund Act Housing Private detects the site itself and the other with respect to the previous loans.
He said he will be former same amount the adoption of a maximum of 35 million dinars to Baghdad, and 30 million dinars for the rest of the provinces that continue to work for the payments received Fund's conditions for a period of 15 years and dependent mechanism and the new terms of the amounts borrowed under the initiative with the insurance premium by the amount received from the borrower.
The Minister said according to the central bank's initiative will be the loan amount, including no more than 50 million dinars for each lending case bears the borrower an annual interest rate of 2% in favor of the central bank and downloads administrative one-time 1% and have a maximum that is the restoration of the loan in monthly installments of the loan period of ten years equal within the prescribed period.
The loan is granted also for the purpose of construction or adding building who owns a piece of residential land on the face of independence or rumored to him and not be less than the land collectivized area of 100 m2 and less construction area of 65 m2 and Aymanh to build on cutting agricultural and industrial land, as the loan is granted for those wishing to purchase housing units investment or subject to the law investment which not less than the net area of 65 m2 and the loan is granted also to rebuild housing units destroyed due to terrorist operations and in order of priority starting with the ceilings of demolished housing units fully and provide the beneficiary guarantor or more permanent civil servants on the permanent staffing or employees of the Interior Ministry so that it covers half the salary nominal the amount of the monthly installment impact owed by 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 upon request from the Housing Fund.
The minister concluded by saying that the borrower Sejer between lending law Housing Fund or to wait for the availability of cash to him and the lending under the CBI initiative and also the written request of the borrower.