Cabinet makes recommendations to the Ministry of Justice ruling on loans

07/26/2016 (00:01 pm)

Baghdad / term

Ministry of Justice announced, on Monday, the approval of the crisis cell of the Cabinet to lend to industrial, agricultural and residential projects, as pointed out to take over the Ministry of Finance to "take precautionary measures to ensure that no manipulation," confirmed the identification of ownership transfer fee in the estimation of real estate.

According to media ministry in a statement received "long", a copy of it, that " the 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 "cabinet 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 and the adoption of the plan prepared by the Higher Committee for loans CBI" .

The statement pointed to "adopt the recommendations of the assurances given by the Iraqi banks to the private deliberative meeting , " pointing to "take over the Ministry of Finance , represented by banks and its subsidiaries and the Department of real Estate Registration to take precautionary measures to ensure non - occurrence of any of the types of manipulation."

and called on the Ministry of Justice , according to the statement to "adopt controls applicable in the departments of real estate registration for the purpose 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 that does not exceed the estimated value of any property for prices prevailing market estimate time , "pointing to" the adoption of such 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 system internal each bank and the validity of the board of Directors , "adding that" the resolution contains many points that will help facilitate the procedures in this regard, and checking on lending to keep the public finance mechanisms and to the largest number of entrepreneurs benefit from the funds allocated for this purpose. "