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[size=36]New talk from the Real Estate Bank about loans and financing of housing units[/size]
Economy | 11:41 - 09/08/2023
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Baghdad - Mawazine News
The Director General of the Real Estate Bank, Abbas Shihab Ahmed, revealed the size of the housing units financed by the real estate initiative, and while he indicated the continuation of granting them to citizens, he announced that measures would be taken to end the phenomenon of persecution.
Ahmed said, “The Real Estate Bank is a government bank owned by the Ministry of Finance and is subject to the instructions and supervision of the Central Bank and under the supervision of the Financial Supervision Bureau. The administrative body responsible for the tasks and work of the bank is the Ministry of Finance,” pointing out that “the capital of the Real Estate Bank is fifty billion dinars.”
He added that "the bank aspires in the coming periods to increase capital so that it can carry out its tasks and activities without challenges," stressing that "the Real Estate Bank is dependent on the initiative of the Central Bank, and it has many activities and fields, including financing investment complexes and commercial projects, and also lending housing units to citizens." over the previous years.”
He explained that "the bank financed more than fifty thousand housing units throughout Iraq, and the completion rate was one hundred percent, and we are continuing to cooperate with the Central Bank to support citizens in all governorates," indicating that "the Real Estate Bank specializes in supporting the field of real estate and providing housing units for citizens."
Ahmed continued, “There is financing for investment projects and commercial projects, and also financing for citizens to purchase housing units in all Iraqi governorates if they are inside investment complexes or outside investment complexes,” noting that “the bank has 16 branches in all Iraqi governorates through which the Central Bank’s payments to finance Residential units for citizens according to instructions and controls.”
He stressed that "the housing initiative is a lending contract between the Real Estate Bank and the Central Bank, and according to the government's directives, to support citizens with reduced interest and with the support of the Central Bank of Iraq," noting that "the Central Bank contributed during previous years to supporting the Real Estate Bank and citizens to purchase housing units exceeding fifty thousand housing units." Throughout Iraq."
He pointed out that "the Central Bank sent official letters stating that the real estate initiative will continue and will pump money during the coming days until the bank reflects it on the citizens," pointing out that "the citizen is free to deal with the amount whether in purchasing residential units inside or outside the investment complexes, whether the unit is In horizontal or vertical form.
The director of the Real Estate Bank explained that “there is a mechanism, instructions, and controls for loans, and they are available to all citizens after submitting an application, filling out the necessary forms, and submitting the required documents,” stressing that “before the lending process, a current account must be opened for the citizen, and this account is subject to scrutiny and oversight regarding the name of the borrower.” If the borrower is from another bank, he will be audited for the integrity of his position regarding the credit inquiry and the database.”
He continued: “The borrower completes the required procedures and prepares the residential unit that he wants to buy until the bank begins to reserve the residential unit and releases the amounts to him, and then the guarantor attends in the event of non-payment, provided that the guarantor is a government employee, while if he is an employee, there is no need for a guarantor, and all of these are determined.” Controls and instructions of the Central Bank.
He stated that "the bank has recently taken a series of measures to facilitate the issue of sponsorship. Previously, the guarantor must be from the same governorate, but the bank allowed the guarantor to be from outside the governorate, and it is also possible to provide two guarantors instead of one guarantor," pointing out that “The new instructions that have arrived have a slight difference from the previous instructions. For example, previously the amount we give to the citizen was an administrative commission of five percent. Now there is an annual surplus that is divided according to the Council’s decision, and the instructions of the Central Bank divide two percent to the Central Bank and two percent to the Land Bank until 15 years and the citizen is free in relation to the value of the loan amount.”
He noted that "the land also plays a role because the plot of land is the guarantee that it provides when it is evaluated by the real estate registry, in light of which the amount is covered," stressing that "the higher the loan amount, the less the number of lending, because the amounts are not very large, but are studied by the Central Bank." ".
He went on to say: “The bank is trying as much as possible to provide service and support citizens,” stressing that “the amounts allocated to the initiative are specific and not open.”
He stated that “the loan amount covers the entire housing unit in most governorates,” pointing out “the effort to facilitate loans for citizens through mechanisms that are followed up with Finance to increase the bank’s capital so that it has strength in lending, because the amounts specified by the Central Bank are not open, but rather Determined according to the bank’s study and presented to the Real Estate Bank as part of the initiatives.
He explained that "the conditions are fixed for all banks, whether they are public government banks or private banks," stressing that "the citizen must attend in person and within the legal age and must present the original documents in the event that he is a government employee. He must present his identification card and come with confirmation of salary and other information." There is a form called (Know Your Customer) that he must fill out and submit the necessary pledges in the event that he has a nationality or not.”
He continued: "The information must be complete, and this includes controls within the instructions with the Anti-Money Laundering and Terrorism Financing Office. We have liaison employees in all branches who supervise the process of opening the account, which is within the controls. We seek, with all measures, to facilitate the work of the citizen, as the bank always issues circulars and instructions in order to make it easier." procedures".
He went on to say:
He pointed out “presenting plans to combat corruption and strengthening the supervisory bodies in the bank according to the instructions of the Central Bank,” indicating that “a plan has been drawn up to follow up on the work of the supervisory committees.” He stressed “taking measures to reduce the phenomenon of commenting,”
noting that inspection teams composed of lawyers were assigned to complete the procedures. Review in the event that the borrower is unable to attend in person, in order to end the phenomenon of commenting in the bank branches.”
Regarding the application of electronic governance, he explained that “this is among the bank’s priorities and strategies since we were assigned, and we have worked on it as the bank was one of the banks that laggards in this aspect, pointing out that within the government curriculum supervised by the Ministry of Finance, electronic governance has been implemented.” Ended 29/h
The Director General of the Real Estate Bank, Abbas Shihab Ahmed, revealed the size of the housing units financed by the real estate initiative, and while he indicated the continuation of granting them to citizens, he announced that measures would be taken to end the phenomenon of persecution.
Ahmed said, “The Real Estate Bank is a government bank owned by the Ministry of Finance and is subject to the instructions and supervision of the Central Bank and under the supervision of the Financial Supervision Bureau. The administrative body responsible for the tasks and work of the bank is the Ministry of Finance,” pointing out that “the capital of the Real Estate Bank is fifty billion dinars.”
He added that "the bank aspires in the coming periods to increase capital so that it can carry out its tasks and activities without challenges," stressing that "the Real Estate Bank is dependent on the initiative of the Central Bank, and it has many activities and fields, including financing investment complexes and commercial projects, and also lending housing units to citizens." over the previous years.”
He explained that "the bank financed more than fifty thousand housing units throughout Iraq, and the completion rate was one hundred percent, and we are continuing to cooperate with the Central Bank to support citizens in all governorates," indicating that "the Real Estate Bank specializes in supporting the field of real estate and providing housing units for citizens."
Ahmed continued, “There is financing for investment projects and commercial projects, and also financing for citizens to purchase housing units in all Iraqi governorates if they are inside investment complexes or outside investment complexes,” noting that “the bank has 16 branches in all Iraqi governorates through which the Central Bank’s payments to finance Residential units for citizens according to instructions and controls.”
He stressed that "the housing initiative is a lending contract between the Real Estate Bank and the Central Bank, and according to the government's directives, to support citizens with reduced interest and with the support of the Central Bank of Iraq," noting that "the Central Bank contributed during previous years to supporting the Real Estate Bank and citizens to purchase housing units exceeding fifty thousand housing units." Throughout Iraq."
He pointed out that "the Central Bank sent official letters stating that the real estate initiative will continue and will pump money during the coming days until the bank reflects it on the citizens," pointing out that "the citizen is free to deal with the amount whether in purchasing residential units inside or outside the investment complexes, whether the unit is In horizontal or vertical form.
The director of the Real Estate Bank explained that “there is a mechanism, instructions, and controls for loans, and they are available to all citizens after submitting an application, filling out the necessary forms, and submitting the required documents,” stressing that “before the lending process, a current account must be opened for the citizen, and this account is subject to scrutiny and oversight regarding the name of the borrower.” If the borrower is from another bank, he will be audited for the integrity of his position regarding the credit inquiry and the database.”
He continued: “The borrower completes the required procedures and prepares the residential unit that he wants to buy until the bank begins to reserve the residential unit and releases the amounts to him, and then the guarantor attends in the event of non-payment, provided that the guarantor is a government employee, while if he is an employee, there is no need for a guarantor, and all of these are determined.” Controls and instructions of the Central Bank.
He stated that "the bank has recently taken a series of measures to facilitate the issue of sponsorship. Previously, the guarantor must be from the same governorate, but the bank allowed the guarantor to be from outside the governorate, and it is also possible to provide two guarantors instead of one guarantor," pointing out that “The new instructions that have arrived have a slight difference from the previous instructions. For example, previously the amount we give to the citizen was an administrative commission of five percent. Now there is an annual surplus that is divided according to the Council’s decision, and the instructions of the Central Bank divide two percent to the Central Bank and two percent to the Land Bank until 15 years and the citizen is free in relation to the value of the loan amount.”
He noted that "the land also plays a role because the plot of land is the guarantee that it provides when it is evaluated by the real estate registry, in light of which the amount is covered," stressing that "the higher the loan amount, the less the number of lending, because the amounts are not very large, but are studied by the Central Bank." ".
He went on to say: “The bank is trying as much as possible to provide service and support citizens,” stressing that “the amounts allocated to the initiative are specific and not open.”
He stated that “the loan amount covers the entire housing unit in most governorates,” pointing out “the effort to facilitate loans for citizens through mechanisms that are followed up with Finance to increase the bank’s capital so that it has strength in lending, because the amounts specified by the Central Bank are not open, but rather Determined according to the bank’s study and presented to the Real Estate Bank as part of the initiatives.
He explained that "the conditions are fixed for all banks, whether they are public government banks or private banks," stressing that "the citizen must attend in person and within the legal age and must present the original documents in the event that he is a government employee. He must present his identification card and come with confirmation of salary and other information." There is a form called (Know Your Customer) that he must fill out and submit the necessary pledges in the event that he has a nationality or not.”
He continued: "The information must be complete, and this includes controls within the instructions with the Anti-Money Laundering and Terrorism Financing Office. We have liaison employees in all branches who supervise the process of opening the account, which is within the controls. We seek, with all measures, to facilitate the work of the citizen, as the bank always issues circulars and instructions in order to make it easier." procedures".
He went on to say:
He pointed out “presenting plans to combat corruption and strengthening the supervisory bodies in the bank according to the instructions of the Central Bank,” indicating that “a plan has been drawn up to follow up on the work of the supervisory committees.” He stressed “taking measures to reduce the phenomenon of commenting,”
noting that inspection teams composed of lawyers were assigned to complete the procedures. Review in the event that the borrower is unable to attend in person, in order to end the phenomenon of commenting in the bank branches.”
Regarding the application of electronic governance, he explained that “this is among the bank’s priorities and strategies since we were assigned, and we have worked on it as the bank was one of the banks that laggards in this aspect, pointing out that within the government curriculum supervised by the Ministry of Finance, electronic governance has been implemented.” Ended 29/h
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