The Bell Tolls for Cheapest Housing Ownership Mortgage

Registration for new applications for Bank Maskan’s Housing Saving Account mortgage initiative closed on June 8, 2020. 
“Despite our recent correspondence with the Central Bank of Iran, the monetary policymakers have not announced a decision on whether the agent bank of Iran’s housing sector is allowed to continue with the homeownership banking scheme or not,” Mohammad Hassan Moradi, a senior official with Bank Maskan, said on Wednesday.  
Housing Savings Account initiative, launched on June 8, 2015, was scheduled to remain operational for five years with the aim of providing first-time homebuyers with loans at cheaper lending rates compared to all other loans offered by banks and lending institutions. 
When the scheme was first introduced, the loan’s interest rate was set at 14%. In February 2017, after a directive by the Money and Credit Council, they were reduced to 9.5% in general cases and 8% for home purchases made in rundown parts of the cities.