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Construction Loan Ceiling Raised for Tehran Slums

The government is attracting mass builders to slum areas by providing them with a range of incentives to give a facelift to the rundown urban districts of the capital city
Construction Loan Ceiling Raised for Tehran Slums 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%.” 

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