The Central Bank of Iran has approved the extension of repayment period for home renovation loans to 10 years. Muhammad Saeid Izadi, Head of the Urban Development and Revitalization Organization (UDRO), said the CBI move would now encourage more people to apply for renovation. Up until now, borrowers had to repay the entire loan within two years, ILNA reported on Tuesday.”This will ease the reimbursement process of the loans,” he said. As a part of the government’s incentive to stimulate the sluggish housing sector, CBI and UDRO agreed in October to offer renovation loans worth 500 million rials ($16,600 at the official exchange rate) to 300,000 applicants. According to the official, 55,000 applications have been sent to the banks so far.
