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A lending mechanism for purchasing housing units in new cities
The first 04/16/2024
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The Ministry of Construction, Housing and Public Municipalities, in coordination with the Central Bank of Iraq, is preparing a mechanism to grant loans from banks to citizens wishing to obtain housing units within new cities.
The ministry’s official spokesman, Nabil Al-Saffar, said in an interview with “Al-Sabah”: The new residential cities are among the important strategic projects to eliminate the housing crisis in the country, indicating that the project includes the construction of 15 thousand new housing units in Baghdad and the provinces, which low-income people can obtain from While obtaining loans. He stated that there is a joint committee with the Central Bank, formed and headed by the Minister of Construction, which is currently working on developing the appropriate mechanism for obtaining loans that enable low-income people to obtain housing units, pointing out that this committee will provide lending models that suit citizens in order to arrive at an appropriate mechanism that will be approved and approved to launch the project. The borrowing process. In addition, Al-Saffar pointed out that what distinguishes these units is that the state will obtain a percentage of the serviced lands to distribute among the categories included in the allocation, noting that the percentage varies from one city to another and ranges between ten to 25 percent and according to the area and location of the residential city. And the population density of the governorate, stressing the contribution of the measure to significantly reduce real estate prices, as it is the first time that the state has allocated a percentage of the cities referred for implementation.
Edited by: Mustafa Majeed
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