Cabinet issued the recommendations of the Ministry of Justice on loans

2016/07/24 19:54

Long-Presse / Baghdad

The Ministry of Justice, on Sunday, approval of the crisis cell of the Cabinet to lend to industrial, agricultural and residential projects, while suggesting to take over the Ministry of Finance to "take precautionary measures to ensure the lack of any manipulation," confirmed the identification of ownership transfer fee in the estimation of real estate.

He said the media ministry in a statement received (range Press), a copy of it, "Prime Minister's Office, issued based on the recommendations provided by the Ministry of Justice instructions (lending to industrial, agricultural and residential projects), and included lending conditions and the adoption of the recommendations of the assurances given by the Iraqi banks own deliberative meeting." .

The statement added that "the Council of Ministers face a letter to the Ministry of Finance, to ensure the decisions of the crisis cell in its meeting held on (6/27/2016)," noting that the courses included "the adoption of the action plan and to require specialized banks adopting the stomach plan by the Higher Committee for loans Iraq Central Bank".

The statement noted "the adoption of the assurances given by the Iraqi banks deliberative meeting recommendations," pointing to "take over the Ministry of Finance, represented by its subsidiary banks and real estate registration department to take precautionary measures to ensure the lack of any kind of manipulation."

And called on the Ministry of Justice, according to the statement to "adopt applicable in the departments of real estate registration controls for the purposes of determining the ownership transfer fees in the estimation of real estate, mortgage subject with the addition of 30% on the value of the land only, with respect to commercial real estate and (10%) with respect to residential property on that does not exceed the estimated value of any property on the market price prevailing at the time of appreciation, "referring to" the adoption of these mechanisms as collateral in connection with mortgage loans granted by all banks, and does not do any directives in conflict with these recommendations. "

The statement continued, that "for the bank on request additional collateral in the event of the need for it, according to the rules of procedure for each bank and the validity of the Board of Directors," pointing out that "the resolution contains many points that will help facilitate the procedures in this regard, and checking on lending mechanisms to keep public money and so that the largest number of entrepreneurs from the funds allocated for this purpose will benefit. "