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

Author: MJ
Editor: BK

24.5.2016 09:55

Long-Presse / Baghdad
Real Estate Bank of Iraq announced on Tuesday for the resumption of the launch of the soft loans to citizens, while that between the value ranging from five to 50 million dinars interest rate of four percent over a decade, called on citizens to "non-payment of bribes" to get them.

The director general of the bank, Khudair Abbas, in an interview to the (long-Presse), "The Real Estate Bank commenced the launch of soft loans to citizens in the provinces with the exception of Nineveh and the Kurdistan region after being cut off her since 2011 as a result of the launch of the CBI initiative," adding that "the value of allocated for the construction of real estate or construction loan is in addition to an existing drug or buy a property, ranging from five to 50 million dinars in two interest rate of four percent, to be paid in ten years. "

Abbas added that "soft loans granted by the bank does not need to be a sponsor, but do require the borrower a piece of residential land at least an area of ​​one hundred square meters, and not be under the age of 24 years do not exceed 55 years," noting that "the bank is considering a proposal to extend the age requirement to 65 Year".

He explained general manager, that "the procedure for obtaining a simple and designed the loan to prevent any suspicions of corruption and could be completed within three minutes," pointing out that it "includes a review of the citizen and the unity of marketing in the public administration of the bank to provide support to land and official archives and leave the construction of the ad hoc committee to disclose on the site before agreeing to lend. "

Abbas pointed out that "the loan is granted to the beneficiary, even if the building was not up to the roof," calling on citizens "not to pay bribes to the staff of the bank."

The Information Office of the Prime Minister Haider al-Abadi, said in (the seventh of September 2015 the past), for instructions to grant the industrial, agricultural and residential loans within the Government's reform package, noting that the loans granted by the central bank will distribute the relevant banks and housing fund by 33 percent for industrial bank, like agricultural bank, and 17 percent of the bank mortgage, and the like for the housing fund.

The Land Bank was established by Law No. 18 of 1948, and started operations in 1949 with a nominal capital of million dinars.