Parliament Agrees to Increase Home Security Deposit Loans

The Majlis (parliament) on Tuesday agreed to raise the ceiling for security deposit loans to support low-income Iranians wanting to rent a dwelling place. 
Henceforth banks should lend those in need up to 2 billion rials in Tehran City, 1.5 million rials in other big cities and one billion rials in smaller urban areas, IBENA reported. 
Security deposit loans were announced by the former government in 2020 in the framework of the coronavirus aid package for the large numbers unable to rent a home due to the unprecedented increase in rents and home prices.
The loans will be paid to tenants but the amount will go into the bank account of landlords. The owner must return the principal (original sum borrowed) to the bank after one year while renters have to pay the installments over 12 months.
So far the loan was 1 billion rials in Tehran, 700 million rials in big cities, and 400 million rials in other urban areas.