“Housing” starts with lending to residential complexes and installs late fines
10:02 - 13/11/2019
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Information / Baghdad ..
The Housing Fund of the Ministry of Construction, Housing and Public Municipalities announced on Wednesday that it will start next year lending residential investment complexes, stressing that it decided to install the delay penalties against borrowers to 24 months for those who are late for repayment of one or two years.
The Director General of the Fund, Sabbar Al-Saadi, said in a statement reported by the official newspaper "Al-Sabah" and informed him / information / that "the bank prepared an economic feasibility and financial and legal plan aimed at raising the level of lending process and simplify its procedures," adding that he "decided to start during the next year 2020, By lending investment residential complexes. ”
Al-Saadi added, “The Fund is in the process of agreeing on a specific formula for the process of paying interest in agreement with the investor, or is going to lend to individuals with citizens who have a residential investment unit.” All borrowers are late for repayment for one or two years. ”
He pointed out that "interest income earned to the Fund, amounted to 100 million dinars per day," noting that "the bank in turn converted to loans, which creates a financial cycle can contribute to the revitalization of the national economy and ensure the continuation of the lending process." Done / 25