Economy, Business And Markets

Mortgage Rates Down

Mortgage Rates DownMortgage Rates Down

Mortgage interest rates have been lowered by one percentage point, Bank Maskan’s CEO announced. Hashem Botshekan added that mortgage rates for the housing saving account have been lowered from 14% to 13%, and Maskan housing bond rates from 18.5% to 17.5%. The decision comes after the Central Bank of Iran cut lending rates from 24% to 22% last month, Eghtesad News reported. Noting that new couples can now jointly apply for 160-million-rial ($53,000) mortgages, he said, “The loans’ interest rate is now 13% and its repayment period is about 12 years with monthly installments of about 19,000,000 rials ($629) for residents of Tehran and 14,000,000 rials ($463) for major cities and 9,700,000 rials ($321) for smaller towns. He added that increasing the mortgage ceiling would not fuel a rise in housing prices, for people’s own money–and not the central bank’s resources–was the only financial resource used for the provision of the fund.