Bank Maskan Increases Home Construction Loans

The ceiling on housing construction loans for professional real-estate developers in Tehran and 11 other cities increased by 30% to reach 6 billion rials ($21,428). 
According to Mahmoud Shayan, managing director of Bank Maskan, the state agent bank of the housing sector, these loans are divided into three groups according to the demographic classification of cities. 
The cap on loans in each group varies depending on whether the builder uses new construction technologies, or whether they are professional real-estate developers.
“Loans worth 6 billion rials will be granted to professional real-estate developers who use new construction technologies in 12 cities, namely Tehran, Isfahan, Shiraz, Mashhad, Tabriz, Karaj, Ahvaz, Bandar Abbas, Bushehr, Qom, Sari and Rasht,” Shayanwas quoted as saying by Mehr News Agency.  
Loans worth 5.5 billion rials ($19,642) will be offered to non-professional builders who use new construction technologies. Professional builders who don’t avail themselves of new technologies can apply for loans worth 5 billion rials ($17,857). Other real-estate developers will be granted loans worth 4.5 billion rials ($16,000). 
In other provincial capitals and cities with a population of over 200,000, real-estate developers categorized in the first group are allowed to apply for loans worth five billion rials, 4.5 billion rials, 4 billion rials ($14,285) and 3.5 billion rials ($12,500), respectively. 
In cities with a population of under 200,000, the ceiling of home construction loans has been set at 4.5 billion rials, 4 billion rials, 3.5 billion rials and 3 billion rials ($10,714).