Construction Loan Ceiling Raised for Tehran Slums

The ceiling on construction loans for new buildings in urban slum areas has increased to 3.5 billion rials ($17,500), the managing director of Urban Regeneration Corporate Holding Company said. 
Mehdi Obouri, who is also deputy minister of roads and urban development, added that licensed real-estate developers, who intend to rebuild residential buildings in Tehran’s slum areas will be granted 2.5 billion rials ($12,500) in loans and they can also take out housing bonds worth 1 billion rials ($5,000) from Bank Maskan, the state-agent bank of the housing sector, the Persian-language daily Iran reported. 
“A maximum of 2.3 billion rials ($11,500) in construction loans will be granted to professional real-estate developers planning to construct new buildings in the slum areas of other large cities and provincial capitals with a population of over 200,000 and 1.4 billion rials ($7,000) to those in cities with fewer than 200,000 residents,” he said. 
“Self-builders planning to reconstruct their properties in urban slum areas will be offered two loans worth 500 million rials ($2,500) at an interest rate of 9% and 18%, and a 400-million-rial ($2,000) loan at an interest rate of 4%.”