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Home Construction Loans for Rundown Urban Areas

Home Construction Loans for Rundown Urban AreasHome Construction Loans for Rundown Urban Areas

Major Iranian home builders operating in rundown urban districts can now receive up to 1.1 billion rials ($10,000) in loans from the state-run Bank Maskan, also known as the Housing Bank, as per the government’s new policy to shift the focus of major builders to distressed urban areas and informal settlements. Special incentives have been offered to move housing construction activities to those parts of the cities. Four hundred million rials (over $3,800) of the total sum of these loans will be granted at an interest rate of 9% and the rest will be given at the rate of 18%, Mehr News Agency quoted Director of the Urban Development and Revitalization Organization of Iran Houshang Ashayeri as saying.

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