Economy, Business And Markets

Backing for Installment Home Sales

Backing for Installment Home Sales Backing for Installment Home Sales

The government favors plans for selling residential units in installments as it helps boost the market without direct government involvement in the construction process. Ali Chegini, managing director of  the office of planning and economy at the Ministry of Roads and Urban Development, says the government is responsible for creating proper conditions for both homebuyers and builders, rather than directly selling houses.“This means that both builders and buyers should have access to financial resources,” reported. Bank Maskan, the main housing mortgage provider, has unveiled the installment scheme in which the bank guarantees repayment to builders wanting to sell property on installment basis. Chegini was optimistic about the impact of the scheme on the moribund housing market. Direct involvement of the government in building low-cost housing, specifically the controversial Mehr Housing Scheme, has created huge problems for buyers, builders and the government. 

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