The parliamentary finance committee explained on Saturday the mechanism of disbursing the loan from Rafidain Bank, which amounts to 50 million dinars for the purpose of construction.
Committee member Majida al-Tamimi said in a statement that "the granting of a loan of the maximum amount of (50) million dinars for the purpose of construction for each citizen owns a residential plot of not less than (50 m 2) in his name on the face of independence or by the common name under a modern bond issued and supported by The competent real estate registration department, provided that the endorsement includes the validity of issuing the bond to be mortgaged from the first degree in favor of the bank.
Tamimi added that "the loan period will be (10) years (120) months and a period of grace (3) months, and also receive interest of (9%) annually," noting that "the loan is disbursed in three installments, the first installment (25) Completion of the Rabat, and the second installment (15) million dinars when completion of the roofing, and the third payment (10) million turnkey.
The loan shall be paid in equal monthly installments and in a reduced installment manner with interest and shall be the monthly installment of the loan. A special contract shall be arranged between the bank and the citizen under the loan contract (attached herewith) and a stamp fee shall be paid according to the law. Any legal action only after payment of all obligations to the Bank or obtaining approval. "
Tamimi explained that "the life insurance of the borrower is made to the National Insurance Company in favor of the bank and it is confirmed in the loan contract and under the instructions communicated to you by the financial section", noting that "the borrower must use the loan for the purpose granted for it. "He said.