Bank Maskan, the state agent bank of the housing sector, has reduced the lending rate of home loans paid under the Youth Savings Account.
According to Mahmoud Shayan, the bank’s managing director, the interest rate of home loans with a repayment period of five years decreased from 9% to 6%, provided that the applicants have opened their bank account on or after March 20, 2021.
“The lending rate of loans with a repayment period of more than five years remains at 9%,” he was quoted as saying by Hibna.
Applicants having a Youth Savings Account deposit a monthly amount in the bank from five to 15 years to become eligible for this type of housing loans.
Loans paid under Youth Savings Account have the longest mortgage repayment period of up to 20 years.
