the door is open 10/25/2023
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Baghdad: Farah Al-Khafaf
Photography: Nihad Al-Azzawi
The dream of obtaining a financial loan quickly, with simple conditions and low interest rates, is still difficult to achieve and achieve for most Iraqis, even though what is announced is different from that. The statements and statements issued by banks are mouth-watering and stimulate the appetite to apply, but the shock comes after... That is, either the application is stopped, the interest is high, or guarantors are brought in, and conditions are unable to be met by the citizen, and the result is waiting until it is easy.
Financial expert Thamer Al-Azzawi told Al-Bab Al-Maftawa: “The loans granted by banks are not at the level of ambition so far, despite the promises and directives to facilitate the procedures for obtaining them.”
He added, “The most important reasons for this are the high interest rate, the difficulty of obtaining a loan, and the conditions that are almost impossible in some cases. For example, a bank loan to purchase a housing unit whose conditions stipulate the purchase and then promotion of the transaction. If the citizen has the money for the purchase, there is no need for the loan!” Even though the owner of the loan is a government employee, and there are other conditions, in addition to the guarantors, required bonds, and other identification documents.”
Al-Azzawi continued: “Procedures must be facilitated, interest rates reduced, and technology must be adopted to facilitate loan transactions, especially since the banking sector is one of the profitable sectors and many countries, such as America and Japan, depend on it. Therefore, it is necessary to move towards investing it in the correct manner and in a way that serves the Iraqi citizen and does not put him into a new spiral that will make it difficult for him.” Living matters. For his part, Muhammad Salman (employee) says: “I changed the bank where I deposited my salary in order to obtain a loan with a small interest rate and a good repayment period, but until now I have not received it, due to red tape and failure to fulfill promises.” He added, “It is unreasonable for me to receive a loan from a government bank worth 20 million dinars and its interest amounts to more than 5 million and sometimes reaches 8 or 10 million,” calling for “the necessity of reducing the interest rate and canceling the sponsor.”
Prime Minister Muhammad Shiaa Al-Sudani recently chaired a meeting to discuss banking reform procedures, and directed the simplification of all banking procedures and the preparation of a proposed list of facilities and simplified procedures to be presented within a week.
Nour Firas also said that she tried to obtain a loan worth ten million, but most banks stopped granting it.
She added that she went to Al-Rafidain Bank to apply for an advance, but she was surprised that it stopped, which prompted her to resort to a private bank despite the high interest rate.
Al-Rafidain Bank had announced that advances (employees, retirees, and security forces) from citizens whose salaries were paid to the bank were suspended at the present time and temporarily, confirming the exhaustion of the allocation for the year 2023, but it indicated that housing loans and small projects are available and continuing to work on them, and the promotion of transactions will be through the bank’s branches. In Baghdad and the governorates.
On the other hand, Muhannad Louay pointed out that housing loans do not cover the full amount of the residential unit that I want to buy from one of the complexes in Baghdad, but rather it is enough to cover half the amount of the apartment, especially since investment companies offer these units at a price of no less than 3 million dinars per meter. At the commercial price in the market, not cooperative prices, especially since the concept of residential complexes and vertical construction was created for low-income people.
Stating, “When obtaining the loan from the bank and despite paying the remainder of the unit price from the buyer, it remains mortgaged to the lending bank until the repayment payments are completed according to the specified time period, and this in itself constitutes a financial and psychological burden on the citizen.”
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[You must be registered and logged in to see this image.]
Baghdad: Farah Al-Khafaf
Photography: Nihad Al-Azzawi
The dream of obtaining a financial loan quickly, with simple conditions and low interest rates, is still difficult to achieve and achieve for most Iraqis, even though what is announced is different from that. The statements and statements issued by banks are mouth-watering and stimulate the appetite to apply, but the shock comes after... That is, either the application is stopped, the interest is high, or guarantors are brought in, and conditions are unable to be met by the citizen, and the result is waiting until it is easy.
Financial expert Thamer Al-Azzawi told Al-Bab Al-Maftawa: “The loans granted by banks are not at the level of ambition so far, despite the promises and directives to facilitate the procedures for obtaining them.”
He added, “The most important reasons for this are the high interest rate, the difficulty of obtaining a loan, and the conditions that are almost impossible in some cases. For example, a bank loan to purchase a housing unit whose conditions stipulate the purchase and then promotion of the transaction. If the citizen has the money for the purchase, there is no need for the loan!” Even though the owner of the loan is a government employee, and there are other conditions, in addition to the guarantors, required bonds, and other identification documents.”
Al-Azzawi continued: “Procedures must be facilitated, interest rates reduced, and technology must be adopted to facilitate loan transactions, especially since the banking sector is one of the profitable sectors and many countries, such as America and Japan, depend on it. Therefore, it is necessary to move towards investing it in the correct manner and in a way that serves the Iraqi citizen and does not put him into a new spiral that will make it difficult for him.” Living matters. For his part, Muhammad Salman (employee) says: “I changed the bank where I deposited my salary in order to obtain a loan with a small interest rate and a good repayment period, but until now I have not received it, due to red tape and failure to fulfill promises.” He added, “It is unreasonable for me to receive a loan from a government bank worth 20 million dinars and its interest amounts to more than 5 million and sometimes reaches 8 or 10 million,” calling for “the necessity of reducing the interest rate and canceling the sponsor.”
Prime Minister Muhammad Shiaa Al-Sudani recently chaired a meeting to discuss banking reform procedures, and directed the simplification of all banking procedures and the preparation of a proposed list of facilities and simplified procedures to be presented within a week.
Nour Firas also said that she tried to obtain a loan worth ten million, but most banks stopped granting it.
She added that she went to Al-Rafidain Bank to apply for an advance, but she was surprised that it stopped, which prompted her to resort to a private bank despite the high interest rate.
Al-Rafidain Bank had announced that advances (employees, retirees, and security forces) from citizens whose salaries were paid to the bank were suspended at the present time and temporarily, confirming the exhaustion of the allocation for the year 2023, but it indicated that housing loans and small projects are available and continuing to work on them, and the promotion of transactions will be through the bank’s branches. In Baghdad and the governorates.
On the other hand, Muhannad Louay pointed out that housing loans do not cover the full amount of the residential unit that I want to buy from one of the complexes in Baghdad, but rather it is enough to cover half the amount of the apartment, especially since investment companies offer these units at a price of no less than 3 million dinars per meter. At the commercial price in the market, not cooperative prices, especially since the concept of residential complexes and vertical construction was created for low-income people.
Stating, “When obtaining the loan from the bank and despite paying the remainder of the unit price from the buyer, it remains mortgaged to the lending bank until the repayment payments are completed according to the specified time period, and this in itself constitutes a financial and psychological burden on the citizen.”
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