Home Renovation Loan Ceiling Raised

The Cabinet has decided to increase home renovation loans in urban slum areas, which are offered at the interest rate of 9%, from 500 million rials ($2,283) to 1,200 million rials ($5,479) in large cities and from 400 million rials ($1,826) to 800 million rials ($3,652) in other cities.
According to Abbas Shafiei, a board member of Urban Regeneration Corporate Holding Company, other home renovation loans worth 1,800 million rials ($8,219) in large cities and 1,200 million rials ($5,479) in other cities will be offered to applicants at the lending rate of 18% by Bank Maskan, the state agent bank of the housing sector.
“The value of security deposit loans for temporary accommodation of people reconstructing their homes in slum dwellings was also set at 400 million rials [$1,826] in large cities and 300 million rials [$1,369] in other cities,” he was quoted as saying by the news website of the Ministry of Roads and Urban Development.