Bank Sepah is prepared to finance 1,200 housing units in distressed urban areas. The lender will provide 1,000 applicants with loans for reconstruction of their old home, and 200 applicants with loans to find temporary residence until their buildings are remade, the Ministry of Roads and Urban Development news website reported on Sunday. Urban Development and Revitalization Company, affiliated with MRUD, is in charge of introducing eligible applicants to the bank. The ministry also has plans to include renovation loans in Bank Maskan’s Housing Saving Accounts, offered at 9% interest. According to MRUD data, about 8 million people live in distressed urban areas, mainly in Tehran, Tabriz and Yazd.
