MCC Again Raises Loan Ceiling for Mehr Housing
Economy, Business And Markets

MCC Again Raises Loan Ceiling for Mehr Housing

The Money and Credit Council ratified a proposal for increasing the credit ceiling for Mehr Housing Scheme by 550 trillion rials ($18.3 billion at the official exchange rate) to 554 trillion rial ($18.5 billion) to wrap up the highly controversial and costly public housing scheme by the end of the next Iranian fiscal year (March 2017), according to the statement posted on the website of the Central Bank of Iran.
The approval comes after another measure by the MCC in early January, under which banks were required to raise the ceiling of loans granted to the Mehr scheme applicants from 250 million rials ($7,352) to 300 million rials ($8,823). The CBI-affiliated council, however, announced that priority will be given to unfinished projects which will be completed with the help of the new loans. Furthermore, lenders will be responsible for assessing the progress of the projects and their eligibility for receiving loans.
However, as of late May, Bank Maskan, the main provider of housing mortgage, was unable to introduce any new projects that would meet the MCC-mandated eligibility for an increase in the credit ceiling.
It should be noted that the council had once raised the credit ceiling for the entire Mehr scheme to 450 trillion rial ($15 billion) in 2013. It also raised the overall loan ceiling from 480 trillion rial ($16 billion) to 550 trillion rial ($18.4 billion).

Short URL : https://goo.gl/P5PfyE
  1. https://goo.gl/RaBds7
  • https://goo.gl/7jbr6E
  • https://goo.gl/k4ew8u
  • https://goo.gl/2hJoNg
  • https://goo.gl/SWOb5l

You can also read ...

How China Became Iran’s Coziest Trade Partner?
From bilateral trade to finance contracts and civil projects,...
The economy of the Islamic Republic of Iran has been tied to political and foreign affairs developments over the years.
This is the Financial Tribune’s last edition of the current...
Iranian Banking Sector Awaits Full JCPOA Benefits
Iran’s Deputy Foreign Minister Abbas Araqchi addressed various...
President Hassan Rouhani on Sunday spoke to reporters after the last Cabinet meeting of the current year.
President Hassan Rouhani on Sunday outlined his administration...
Iran has more than 37 billion tons of proven mineral reserves and 57 billion tons of potential reserves.
Iran exported more than 58.09 million tons of mineral products...
All-Out Growth in Interbank Market
The Central Bank of Iran has released its latest data on the...