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Reconstruction: Raising advances on housing units to 100 million dinars
The first 12/12/2023
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Baghdad: Wafa Amer
The Ministry of Construction, Housing and Public Municipalities raised the ceiling of advances for those wishing to purchase units within residential complexes to 100 million dinars as part of its lending plan for next year, while the number of beneficiaries of its housing fund during the current year reached 20 thousand.
The Central Bank of Iraq has allocated six trillion dinars since 2015 to launch two housing loan initiatives, the first with five trillion dinars that went to industrial, agricultural and real estate banks in addition to the Housing Fund, and the second with an amount of one trillion dinars that went to private banks.
The Ministry’s official spokesman, Nabil Al-Saffar, said in a statement to “Al-Sabah”: The lending plan for the Ministry’s Housing Fund for the next year includes increasing the loan to 100 million dinars to purchase units within residential complexes implemented by local and foreign companies with an installment period of 20 years, noting that raising advances It will be under mechanisms and controls that will be determined later.
He revealed that an amount of 750 billion dinars had been allocated to individual lending, with 12,500 loans worth 60 million dinars for each loan, noting that the fund had a study that included lending to citizens who wish to obtain housing units within the new residential cities project that is currently being implemented throughout the country. However, The issue has not been decided yet.
Al-Saffar stated that his ministry heads a government team composed of relevant authorities with the aim of establishing special financing mechanisms to obtain housing units within these cities, as the team is considering establishing a partnership with banks or coordinating with the relevant authorities to find other financing formulas, warning that the issue has not been completed. The decision has yet to be made until the construction of housing units within these cities begins. He stated that the number of beneficiaries of its Housing Fund loans for the current year reached 20,000, with amounts exceeding 650 billion dinars, noting that the current year witnessed remarkable progress in the lending process after the transition to electronic work, which facilitated the granting of advances and cut off the path for weak souls who try to blackmail willing citizens. By obtaining loans.
Edited by: Mustafa Majeed
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