Rafidain announces the granting of a loan of 50 million dinars for Construction
Rafidain announces the granting of a loan of 50 mil dinars for citizens for construction purposes Rafidain Bank announced on Sunday granting loans to citizens for the purposes of construction, while establishing controls, including that the area of the land of tranquility of less than 50 square meters.
"The bank has decided to grant loans to citizens up to 50 million dinars for construction purposes, provided the applicant owns a piece of residential land not less than 50 square meters," the bank's press office said in a statement.
He added that "the bank has established controls to grant loans to citizens for the purposes of construction," noting that "the piece of land in his name on the face of independence or by the common name under a recent bond and supported by the Department of Real Estate Registration competent."
He pointed out that "the support includes the validity of the issuance of the bond to be mortgaged from the first degree in favor of the bank."
"The term of the loan will be (10) years (120) months and a period of grace (3) months and an interest rate of (9%) annually."
The bank's statement did not address other rules and conditions regarding the guarantor or any other condition other than the ownership of the residential land by independence or partnership.