Rasheed Bank launches new loans of up to 75 million dinars

An official source at the Rasheed Bank on Tuesday announced the launch of new loans of up to 75 million dinars for the purpose of building housing units, referring to the imposition of interest on these loans is 7%.
The source said in an interview, " The new instructions issued by Rasheed Bank to grant loans to citizens and state employees and by 75 million dinars maximum for the purpose of building housing units , " adding that "these instructions were sent to experts Office in the Ministry of Finance for the purpose of ratification."
The source , who preferred not to be named, said : "Help includes granting loans to state employees as well as citizens and sums up a maximum of 75 million dinars , " noting that " the loan will be in three batches and by 25 million dinars for each batch."
The source explained that "interest rates that will be imposed on this loan will be 7% , " pointing out that " the loan recipient would pay an amount of 542,000 dinars a month and paid for 20 years."
He pointed out that " the citizen or employee will receive the borrower on the loan after the bet piece of land to be built, in addition to sponsor the guarantor of state employees and permanent staffing."