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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Criticism of Al-Rafidain housing loans, describing them as "incapacitating"

    Rocky
    Rocky
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    Criticism of Al-Rafidain housing loans, describing them as "incapacitating" Empty Criticism of Al-Rafidain housing loans, describing them as "incapacitating"

    Post by Rocky Sat 03 Jun 2023, 7:40 am

    Criticism of Al-Rafidain housing loans, describing them as "incapacitating"
    • Time: 06/02/2023 18:20:15
       
    • Read: 8,190 times

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    {Economic: Al Furat News} Employees and citizens criticized the government's Rafidain Bank, regarding the benefits of loans to purchase investment housing units.
    And they said via {Euphrates News}: "The annual interest for a loan of 100 million dinars over a period of 20 years will be with interest 120 million dinars," describing these loans as "incapacitating."
    They asked, "Is it possible to solve the housing crisis with such {usurious} loans? And the housing crisis has become difficult to solve. We need a mind that thinks outside the box."
    They stressed that "it is not logical to see the astronomical rise in real estate prices, especially in Baghdad."
    The Rafidain Bank announced that it would grant loans to citizens and employees to purchase investment housing units.
    According to the bank's instructions for loans, which {Euphrates News} obtained a copy of, "the maximum loan limit for the purchase of a housing unit is 300 million dinars."
    And according to the bank’s terms and conditions, “financing the purchase of housing units does not exceed 85% of the value of the housing unit, provided that the customer pays the value of the down payment of no less than 15% of the value of the housing unit, which is paid in advance through the customer’s account with the bank or by submitting a receipt to that effect. It confirms its receipt by the investor's accounting unit.
    Al-Rafidain set the loan amount from 100 million dinars to 300 million dinars, according to the price of the housing unit.
    The loan period is 20 years, the interest rate is 6%, with a grace period of 6 months.

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