[size=36]The central bank reveals the details of the housing loan initiative for employees[/size]
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, The Central Bank of Iraq revealed, Thursday, the details of the housing loans initiative for national employees.
"There are two initiatives launched by the central bank, which is the 1 trillion dinars initiative, and the 5 trillion dinars initiative that concerns small and medium enterprises," said Ahmed Ibrahim Al-Muammar, director of the internal lending department of the central bank, in a statement reported by the Iraqi News Agency. He saw that there is an urgent need to establish housing units, as part of these initiatives was devoted to residential and real estate lending. "
He added, "About 2 trillion dinars of the 5 trillion dinars initiative has been implemented, indicating that the central bank recently decided to allocate part of the 1 trillion initiative to the housing sector."
He pointed out that "previous initiatives were granting loans to slums and to the common bond, while now the central bank has turned towards the vertical construction of pools, indicating that the bank has given several options to private banks that if the orientation is towards investment complexes, the loan will be 75 million dinars as a maximum limit for the citizenship of their salaries only." .
He explained, "This initiative will support financial inclusion as well as the private banking sector, by encouraging the employee to localize his salary in private banks," stressing the central bank's endeavor to overcome obstacles before the employee to transfer his salary from government banks to private for the purpose of settlement.
He continued, "This initiative includes the private banks participating in the 1 trillion initiative, which number about 35 banks, indicating that not all of these banks possess the settlement system, while real estate loans grant the citizenship their salaries only in private banks."
He stressed that "the aim of these initiatives is to restore the citizen's confidence in private banks and reduce government monopolies of state employees' salaries," noting that private banks will provide significant advantages and facilities in this field to create competition.
He pointed out, "There are three interest for the loan, one of which is an administrative commission for the Central Bank estimated at 7 thousand taken for one time, and the second is a fixed interest that does not exceed 4% for the bank, and the third is interest for the guarantor companies," stressing, "These loans were launched a few days ago and applications began to be received. ".
And that "the loan will be disbursed according to the statement sent from the bank to the central bank," noting that "these projects will be monitored and followed by the central bank."
Concerning small and medium projects, the architect stressed, "Continuing to grant loans to small and medium projects," noting that "the loan was previously 50 million dinars, after which it rose to 100 million and today it has become more than one billion dinars, especially for development projects that serve the industrial and agricultural economic sectors and occupy many workforce ".
He continued, "The interest of small and medium-sized enterprise loans is estimated at 5.1 percent, of which an administrative commission for the central bank is taken once." Ended 29 / A 43