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Shafaq News/ The Parliamentary Finance Committee expected, on Tuesday, that the Real Estate Bank will resume granting housing loans to those wishing to obtain them, amounting to 100 million dinars for the purpose of buying or building a home.
Committee member Muhammad Nouri told Shafaq News Agency that there are complaints from citizens that have reached the committee regarding the delay in issuing loans, adding that the committee members are communicating with the management of the Real Estate Bank and the Housing Fund regarding these complaints.
He stated that the bank management and the fund informed the committee of the financing and launching of the loans, without indicating a date.
He stressed that the Parliamentary Finance Committee is following up, with the Central Bank, the Bank and the Fund, on financing housing loans and launching them effectively, considering that financing in this aspect is not at the required level.
Nouri also said that the Finance Committee is looking to increase funding by 50% of the allocation in order for the loans to include a larger number to contribute to solving the housing crisis in the country.
The member of the Finance Committee continued to say that the loans that will be announced from the Real Estate Bank will range from 50-100 million dinars for the purpose of purchasing and building the property, noting that the housing loans will be 60 million dinars.
The Central Bank of Iraq has allocated 6 trillion since 2015 to launch two housing loan initiatives. The first is a five trillion initiative that went to sectoral banks, which are industrial, agricultural, real estate, and the Housing Fund, and a one trillion initiative that went to private banks.
At the end of the year 2021, the Central Bank of Iraq decided to increase the housing initiative’s allocations to the Real Estate Bank and the Housing Fund by an amount of (2.6) trillion Iraqi dinars.
A number of government banks, especially Al-Rafidain and Al-Rasheed banks, compete to grant numerous and varied loans according to mechanisms and instructions that may sometimes be strict, while some citizens suffer from difficulty obtaining these loans compared to countries of the world, where these loans are often directed towards the optimal investment for them.
Last June of the year 2023, dozens of people went out in demonstrations in front of the Central Bank of Iraq in the center of the capital, Baghdad, to demand the release of suspended housing loans and financial allocations for housing.
Iraq is suffering from a stifling housing crisis due to the increase in the population of Iraq compared to the number of residential complexes, in addition to the inability of citizens with limited income to build their own housing unit due to the high cost of land and construction materials.
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