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Shafaq News/ An economist confirmed, on Saturday, that the government "Al-Rafidain" Bank obtains 33 million Iraqi dinars as interest from a single borrower for housing loans.
The expert, Nabil Al-Marsoumi, said, in a press statement received by Shafaq News Agency, that "the name of the project: housing loans provided by Al-Rafidain Bank, at a value of 150 million dinars," noting that "the period of installment payment: 10 years, at a rate of 15 million dinars annually."
And Al-Marsawi indicated that “the annual interest rate is 4%,” explaining that the beneficiary of the interest rate will pay to the Rafidain Bank, as shown:
The first year = 150 at 4% = 6 million dinars
The second year = 135 at 4% = 5.4 million dinars
The third year = 120 at 4% = 4.8 million dinars
The fourth year = 105 at 4% = 4.2 million dinars
The fifth year = 90 at 4% = 3.6 million dinars
The sixth year = 75 at 4% = 3 million dinars
The seventh year = 60 at 4% = 2.4 million dinars
The eighth year = 45 at 4% = 1.8 million dinars
The ninth year = 30 times 4% = 1.2 million dinars
The tenth year = 15 at 4% = 0.6 million dinars
Al-Marsawi concluded, from this, that the total accumulated interest to be paid by the beneficiary of the loan = 33 million dinars, meaning that the percentage of the cumulative total interest to the loan amount reaches 22%.
Earlier today, Al-Rafidain Bank announced that its branches in all governorates had provided a loan to purchase a house for 150 million dinars, to be paid in installments over ten years, at 4% interest.
The real estate market in Iraq is witnessing a significant increase during the last two years, as prices sometimes doubled or more in some areas.
In a previous interview with Shafaq News Agency, the economic and financial expert, Hilal Al-Tahan, attributes; The rise in real estate prices in Iraq, especially in the capital, Baghdad, is due to three reasons, including "government banks that started lending citizens to buy residential homes at an amount of 100 and 150 million dinars, and sometimes even exceeding these amounts."
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Economist: Al-Rafidain Bank obtains 33 million dinars in interest from one borrower for housing
Shafaq News/ An economist confirmed, on Saturday, that the government "Al-Rafidain" Bank obtains 33 million Iraqi dinars as interest from a single borrower for housing loans.
The expert, Nabil Al-Marsoumi, said, in a press statement received by Shafaq News Agency, that "the name of the project: housing loans provided by Al-Rafidain Bank, at a value of 150 million dinars," noting that "the period of installment payment: 10 years, at a rate of 15 million dinars annually."
And Al-Marsawi indicated that “the annual interest rate is 4%,” explaining that the beneficiary of the interest rate will pay to the Rafidain Bank, as shown:
The first year = 150 at 4% = 6 million dinars
The second year = 135 at 4% = 5.4 million dinars
The third year = 120 at 4% = 4.8 million dinars
The fourth year = 105 at 4% = 4.2 million dinars
The fifth year = 90 at 4% = 3.6 million dinars
The sixth year = 75 at 4% = 3 million dinars
The seventh year = 60 at 4% = 2.4 million dinars
The eighth year = 45 at 4% = 1.8 million dinars
The ninth year = 30 times 4% = 1.2 million dinars
The tenth year = 15 at 4% = 0.6 million dinars
Al-Marsawi concluded, from this, that the total accumulated interest to be paid by the beneficiary of the loan = 33 million dinars, meaning that the percentage of the cumulative total interest to the loan amount reaches 22%.
Earlier today, Al-Rafidain Bank announced that its branches in all governorates had provided a loan to purchase a house for 150 million dinars, to be paid in installments over ten years, at 4% interest.
The real estate market in Iraq is witnessing a significant increase during the last two years, as prices sometimes doubled or more in some areas.
In a previous interview with Shafaq News Agency, the economic and financial expert, Hilal Al-Tahan, attributes; The rise in real estate prices in Iraq, especially in the capital, Baghdad, is due to three reasons, including "government banks that started lending citizens to buy residential homes at an amount of 100 and 150 million dinars, and sometimes even exceeding these amounts."
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