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[size=36]What is the mechanism for dividing the interest granted on advances and loans? .. A government advisor clarifies[/size]
Economie| 06:53 - 11/12/2021
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Baghdad - Mawazine News,
Mazhar Muhammad Salih, the financial advisor to the Prime Minister, determined, on Saturday, the mechanism for granting housing loans to citizens and the repayment period, stressing that the housing loan commission has been reduced to 5% to be paid in the form of a single payment, revealing the mechanism for dividing the housing loan commission rate between the Central Bank and lending banks.
Saleh said, to the official news agency, that "the Central Bank of Iraq, through the housing initiative, took over reducing the loan profit to become a bank commission by about 5%, which is collected only once in advance when granting a mortgage or housing loan only, to cover the administrative cost of the loan itself, and the loan is repaid on course of 20 years.
He added, "The Central Bank charges 1% of the commission, and the remaining 4% is for the bank or housing fund that manages the loan, to cover the costs of servicing administrative loans."
He continued: "This means that the loans of the Central Bank's housing initiative, in particular, are among the soft loans in which (the grant element) rises in order to serve the path of economic development and support the housing boom in our country, at the lowest costs and free of bank interest." Ended 29/R77
Mazhar Muhammad Salih, the financial advisor to the Prime Minister, determined, on Saturday, the mechanism for granting housing loans to citizens and the repayment period, stressing that the housing loan commission has been reduced to 5% to be paid in the form of a single payment, revealing the mechanism for dividing the housing loan commission rate between the Central Bank and lending banks.
Saleh said, to the official news agency, that "the Central Bank of Iraq, through the housing initiative, took over reducing the loan profit to become a bank commission by about 5%, which is collected only once in advance when granting a mortgage or housing loan only, to cover the administrative cost of the loan itself, and the loan is repaid on course of 20 years.
He added, "The Central Bank charges 1% of the commission, and the remaining 4% is for the bank or housing fund that manages the loan, to cover the costs of servicing administrative loans."
He continued: "This means that the loans of the Central Bank's housing initiative, in particular, are among the soft loans in which (the grant element) rises in order to serve the path of economic development and support the housing boom in our country, at the lowest costs and free of bank interest." Ended 29/R77
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