Iran Government Rolls Out Security Deposit Loans

Tenancy agreements signed from September 2020-21 are eligible for security deposit loans, says Ali Qaedi, an official with the Ministry of Roads and Urban Development. 
“Enrollments for security deposit loans started on June 16. Thus far, 740,000 have applied for security deposit loans, of whom 81,000 have been introduced to banks. The interest-only security deposit loans worth 700 million rials [$2,590] in Tehran, 400 million rials [$1,480] in large cities with a population over one million, namely Mashhad, Isfahan, Karaj, Shiraz, Tabriz, Qom, Ahvaz and Kermanshah, and 250 million rials [$925] in other Iranian cities will be paid to tenants,” he said.
“The lending rate of security deposit loans stands at 13% with the repayment period of five years for renters in Tehran and three years for the other two groups,” he was quoted as saying by IRIB News.