CBI reveals the details of the housing loans initiative for employees

Thursday 05th March 2020 - 12:10

CBI reveals the details of the housing loans initiative for employees

Baghdad - INA

The Central Bank of Iraq revealed the details of the housing loans initiative for employees who endemic their salaries.

The director of the internal lending department at the Central Bank, Ahmed Ibrahim Al-Muammar, said in a statement to the Iraqi News Agency , that there are two initiatives launched by the central bank, which is the 1 trillion dinars initiative, and the 5 trillion dinars initiative that is concerned with small and medium enterprises, pointing out that the bank saw There is an urgent need to establish housing units, as part of these initiatives has been devoted to residential and real estate lending.

He added, that about 2 trillion dinars of the 5 trillion dinars initiative has been implemented, indicating that the central bank recently decided to allocate part of the 1 trillion initiative to the housing sector. He pointed out that previous initiatives were granting loans to slums and to the common bond, while now the central bank has turned towards the vertical construction of pools, indicating that the bank has given several options to private banks that if the orientation is towards investment complexes, the loan will be 75 million dinars as a maximum limit for the citizenship of their salaries only.

He pointed out that there are three interest for the loan, one of which is an administrative commission for the Central Bank estimated at 7 thousand taken for one time, and the second is a fixed interest that does not exceed 4% for the bank, and the third is interest for the guarantor companies, stressing that these loans were launched a few days ago and began receiving applications.