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Mortgage Ceiling Unchanged
Economy, Business And Markets

Mortgage Ceiling Unchanged

Bank Maskan kept mortgage ceiling unchanged for the current fiscal year starting March 21. The traditional mortgage provider will keep the ceiling for loans at 350 million rials ($10,500 at market exchange rate) for home buyers and 100 million rials ($3,000) for rent contracts. Earlier, there were talks to raise the mortgage ceiling to 450 million rials. “The central bank’s decision on housing loans hasn’t changed yet, and this order stands for a year,” ISNA quoted Maskan’s credit expert as saying, “in the case of an increase in the mortgage ceiling, a new directive will be issued to the bank’s branches.” ISNA did not identify the bank’s employee. The mortgage ceiling for 20-25 year-old houses is 150 million less than that for the houses built less than 20 years ago. But, these houses can receive a repair loan of up to 100 million rials, bringing the total receivable mortgage to 300 million rials.

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