Domestic Economy

$28m Worth of Construction Loans Extended

$28m Worth of Construction Loans Extended$28m Worth of Construction Loans Extended

A total of 15,115 contracts on residential building construction in urban slum areas using Bank Maskan loans were signed from March 19, 2019, to Nov. 18, says Reza Salehi Shahrabi, an official with the state-agent bank of the housing sector. 
“The total value of loans to these residential units stands at 9,566 billion rials [$38.11 million] and applicants have received 7,229 billion rials [$28.8 million] of the sum as of Nov. 18,” he was quoted as saying by Hibna. 
Besides Tehran, which accounts for the lion’s share of contracts with 4,004, the provinces of East Azarbaijan, Ardabil, Khorasan Razavi, Mazandaran and Hamedan have registered the highest number of loan agreements. 
A total of 1,058 contracts were finalized in East Azarbaijan, 1,008 in Ardabil, 930 in Khorasan Razavi, 846 in Mazandaran and 670 loan agreements in Hamedan were signed by the borrowers and Bank Maskan during the period. 
Construction loans for licensed real-estate developers, who use advanced building technology, stand at 2.5 billion rials ($9,960) in Tehran, 2.2 billion rials ($8,764) in other large cities and provincial capitals, and 1.7 billion rials ($6,772) in cities with fewer than 200,000 residents for each residential unit. 

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