Housing Fund: 50 million loans include those interested in buying residential investment units

June 12, 2016 9:56 am

Housing Fund coverage of wishing to buy housing units, the CBI initiative included lending 50 million citizens. Noting that a lending transaction not exceeding a week, confirmed the continuation of its branches in all provinces except Anbar and Nineveh.

850 billion dinars

Director of the Ministry of construction and housing and municipalities on behalf of Bahauddin Mustapha, explained in a lengthy interview for» morning», the amount lent by the Central Bank of Iraq to grave housing fund 850 billion in lending initiative, will cover all applications submitted to the Fund to lend $ 50 million citizens as an upper limit, for the purpose of building a residential unit or building, according to the desire of applicants inclusion initiative.
The Ministry of construction and housing, municipalities, announced last week the instructions for loans that will give her citizens Housing Fund under the initiative launched by the Central Bank in August last year in order to support agricultural and industrial banks and mortgage loan housing fund to add five trillion dinars.

30 thousand treatment

With regard to the number of submissions to the Fund did not receive the loan installments due to the financial crisis, asserted Mostafa accomplish more than 30, 000 loan treatment to citizens, some of whom had received the loan and others paid him a push or two.
The transactions require 350 billion dinars allocated previously, however, and after conversion to the Central Bank's initiative, the benefits of three percent instead of two percent and a payment not exceeding 10 years instead of 15 years Housing Fund Act, the amount secured.
Terms of the initiative included former borrowers who had not received full payments by submitting a written request to include them the initiative to adopt the same amount as an upper limit which is 35 million dinars of capital, and 30 million for other provinces and within the terms of the Fund for payments received by adopting the mechanism and new conditions for lending amounts under the initiative.

Buy a residential unit

And regarding the possibility of granting a loan to purchase a residential unit, the Director of the Fund of the Ministry of construction, Housing Fund Act does not permit this, but the new initiative of the Central Bank, citizens have the right to obtain a loan to purchase a residential unit, but only if they are completed unit and its investment authority, will give wishing that, payment of the loan when you offer guarantor and (Bill) write notary, with his payout the remainder of the loan after getting the deed of the property.
He stressed that a lending transaction will not exceed per week if all conditions completed citizen, revealing a mechanism easy to shorten bureaucratic procedures, as citizens can visit the Fund's website to see a workflow process treated and how far, what will facilitate him the trouble to come to its headquarters and its branches in the provinces.
Mustapha drew providing treatment and deliver loan would be through the branches scattered across the provinces by completing all procedures including stage recognizes instrument, especially if all branches work including Salahuddin governorate branch, with the exception of Ninewa and Anbar.

70, 000 loan

The Director General also revealed more than 70, 000 loan since the creation of the Fund to date, to help create units, returned the number «too», denying at the same time having problems with citizens in the process of paying monthly installments, with the exception of some individual cases. On late payments citizen for 24 months, the Director stressed the Ministry of reconstruction, on the eligibility of the Fund and Sue to take legal action against the violators, noting down the box, despite not receiving the financial allocations for disbursement this year to citizens through accumulated funds of monthly installments for borrowers. It is said that the loan is granted on the condition that there will be residential land in independence or common citizen, and must not be less than the 100 m 2, building area of at least 65 m 2 and includes all citizens aged between 22 and 65, except citizens of Kurdistan Iraq, as it does not include agricultural or industrial land.