Bank Maskan Raises Youth Home Loan Ceilings

Bank Maskan, the state agent bank of the housing sector, has raised the ceiling on home loans paid under the so-called Youth Savings Account. 
According to Mahmoud Shayan, managing director of the bank, home loans worth 10 billion rials [$35,900] in Tehran, 8.5 billion rials [$30,050] in provincial capital cities and large cities with a population of over one million, namely Karaj, Mashhad, Tabriz, Isfahan, Ahvaz, Shiraz and Kermanshah, and 7 billion rials [$25,130] in other Iranian cities will be paid to the applicants. 
Customers holding a Youth Savings Account may make a monthly deposit for 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.