Real Estate Bank resumes lending to citizens and a maximum of 50 million dinars

Editor: BK
2016/05/24 09:55


The Iraqi real estate Bank, announced Tuesday, to resume launching soft loans to citizens, while between that range from five to 50 dinars four percent interest over 10 years, called on the people not to pay bribes to obtain.

He said the General Manager of the Bank, rationalizing, told the (range), that "real estate Bank initiated launch of soft loans to citizens in the provinces except Nineveh and Kurdistan after detached since 2011 as a result of the Iraqi Central Bank initiative", adding that the loan amount allotted to build a property or add a build for real estate or buying real estate, ranging from five to 50 dinars in two batches of four percent interest, to be paid over 10 years.

Abbas said that "soft loans granted by the Bank did not need to sponsor but requires owning residential plot of borrower not less than 100 square meters, or 24 years of age not exceeding 55 years", noting that "the Bank is studying a proposal to extend the requirement of age to 65 years.

The Director General explained that "loan procedures simple and designed to prevent any suspicions of corruption and could be completed within three minutes", pointing out that it "includes citizen marketing unit in the overall management of the Bank to provide title to land and official documents and the construction permit to the competent Committee shall disclose on the site before agreeing to lend."

Abbas was drawn to "the loan granted to the beneficiary even if it is not up to the ceiling," calling on citizens not to pay bribes to Bank staff. "

Scio was Prime Minister, Haidar Abadi, announced in (7th of September past 2015), on the instructions given to the industrial and agricultural and residential loans under government reforms package, indicating that the Central Bank loans will be distributed to competent banks and Housing Fund rose 33 percent for the Industrial Bank, the agricultural Bank, and 17 percent of the real estate Bank, the like of the Housing Fund.

The real estate Bank was founded under law 18 1948, inaugurated in 1949 with a nominal capital of MTD.