The managing director of Bank Maskan, the state agent bank of the housing sector, has unveiled the bank’s agenda for the fiscal 2021-22, which is aimed at stimulating housing supply.
“Bank Maskan is planning to finance real-estate developers and encourage affordable housing projects with loan packages for construction in line with the slogan of the new year: ‘Production, Support and Removal of Obstacles’,” Mahmoud Shayan was also quoted as saying by the news outlet of the Ministry of Roads and Urban Development.
Shayan unveiled 12 categories of loans based on the credentials of the real-estate developer and the urban classification of the construction site.
Tehran, Isfahan, Shiraz, Mashhad, Tabriz, Karaj, Ahvaz, Bandar Abbas, Bushehr, Qom, Sari and Rasht make up the first tier of urban areas; home builders in these cities will be offered the highest construction credit ceiling. The second tier of urban areas covers other provincial capitals and cities with a population of over 200,000 while the third tier includes other cities.
Given the quality of construction and the credentials of real-estate developers, loan ceilings have been divided into four groups: Group I projects will use new technologies by professional real-estate developers, Group II will be carried out by unprofessional builders using new technologies, Group III comprises residential units constructed by professional builders using new technologies and Group IV are residential units constructed by unprofessional builders without using new technologies.
“Builders of groups I and II in Tehran, Isfahan, Shiraz, Mashhad, Tabriz, Karaj, Ahvaz, Bandar Abbas, Bushehr, Qom, Sari and Rasht will receive 4,500 million rials [$18,145] and 3,500 million rials [$14,112] in loans, respectively, for each residential unit. Groups III and IV will be eligible for 3,000 million rials [$12,096] and 1,200 million rials [$4,838], respectively, for each housing unit,” the Bank Maskan chief said.
“Groups I and II in other provincial capitals and cities with a population of over 200,000 will be granted 4,000 million rials [$16,129] and 3,000 million rials [$12,096], respectively. Groups III and IV in these urban areas will receive 2,500 million rials [$10,080] and 1,000 million rials [$4,032], respectively, for each unit.”
Shayan noted that builders of groups I, II, III and IV in other cities will receive 3,000 million rials ($12,096), 2,500 million rials, 2,000 million rials ($10,080) and 700 million rials ($2,822), respectively, for each residential unit.
