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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

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    Kurdistan Finance: Deducting one-fifth of the sponsor’s salary borrowed from government banks instea

    Rocky
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    Kurdistan Finance: Deducting one-fifth of the sponsor’s salary borrowed from government banks instea Empty Kurdistan Finance: Deducting one-fifth of the sponsor’s salary borrowed from government banks instea

    Post by Rocky Wed Jul 05, 2023 6:42 am

    Kurdistan Finance: Deducting one-fifth of the sponsor’s salary borrowed from government banks instead of the entire salary



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    2023-07-04 16:02
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    Shafaq News/ The Ministry of Finance and Economy of the Kurdistan Regional Government announced, today, Tuesday, that it is providing facilities for borrowers to advance real estate, housing, marriage, and their sponsors to return their accumulated debts.
    In a statement by the Directorate received by Shafaq News agency, regarding financial instructions No. 9 of 2023 regarding the recovery of installments of marriage, real estate and housing advances from the sponsor, the granting and recovery of loans takes place in accordance with Iraqi law. In previous years, the regional government and the Ministry of Finance took into account the existence of the financial crisis and provided many facilities for the mechanism of return Loans Many full exemptions from accumulated penalties were issued by decisions of the Council of Ministers, as well as reducing them by 15%.
    The statement added that the above-mentioned instructions came to facilitate the affairs of the debtors and the sponsors, and instead of cutting all the salaries of the sponsors, 1/5 of the monthly salary will be deducted from now on if the debtors are not ready to return the amount of the accumulated debt within a period of two months, indicating that this deduction will take place in accordance with the law. And the court’s decision includes only the employees who sponsored a citizen for three types of loans: real estate, housing, and marriage.
    The statement indicated that according to the instructions, the owner of the loan was not forced to return it within a period of two months. If he was unable to return the debt during that period, he can agree with his sponsor to return the amount deducted from him monthly from his salary.
    The statement indicated that there are no fundamental changes to the debt recovery formula, and that the guarantor himself chose this commitment, noting that the Ministry of Finance and specialized banks, according to the law, do not have any authority to provide exemptions for loan amounts.
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