Bank Maskan raised mortgage ceiling for the holders of “Youth Savings Accounts” in Tehran to 750 million rials ($25,800 at official exchange rate) from 670 million rials ($23,000), said Mohammad Hashem Botshekan, the bank’s CEO, as reported by IRNA on Tuesday. Further information on repayment schedule and interest rates has not been released yet. First introduced in 2000, Youth Savings Accounts are a type of investment deposit targeting customers below 18. The customers may deposit on a monthly basis in the bank during a 5-15 year period to become eligible to receive housing loans amounting to 750 million rials.
