56617
During the period, 93,995 homes were purchased through Bank Maskan’s mortgages.
During the period, 93,995 homes were purchased through Bank Maskan’s mortgages.

Strong Rise in Bank Maskan’s Mortgage Lending

Strong Rise in Bank Maskan’s Mortgage Lending

Bank Maskan, the agent bank of the housing sector and the country’s main mortgage lender, announced a whopping year-on-year increase in the value of mortgages in the first three quarters of the year that ended on December 21.
During the first nine months of the current fiscal year (March 20-December 21), Bank Maskan handed out 39.3 trillion rials ($984.7 million) worth of housing loans to applicants, marking an 81% rise compared to the 21.7 trillion rials ($542.5) of the corresponding period last year, the bank announced on its website.
During the same period, 93,995 homes were purchased through Bank Maskan’s mortgages which, compared to the first three quarters of last year, shows a 26% hike.
The bank considers a number of government policies and schemes in the housing sector to be responsible for the rise in mortgages. The measures include broadening the scope and reach of Maskan’s savings accounts and reinforcing buildings from 7 to 15 years.
The bank also refers to changes in mortgages pertaining to the Housing Savings Account as a defining factor in the increased volume of loans.
The scheme, which was devised to promote home ownership for first-time buyers, received a boost in late August when President Hassan Rouhani announced that “lending rates pertaining to the scheme, which were recently fixed at 11%, have been cut to 8% for homes purchased in distressed urban areas and 9.5% for non-distressed urban areas”.
That is while lending rates for the scheme, which require applicants to make an initial deposit and wait for a year to become eligible for the mortgage, stood at 14% at the beginning of the current fiscal year (in March) and was subsequently lowered to 13% and 11% before being further lowered to single digits.
Other policy changes in the housing sector contributing to increased supply of mortgages include easing home ownership for married couples, which is a new feature allowing couples to apply for two loans to buy or build a single house.   

 

Short URL : https://goo.gl/NIii5Q
  1. https://goo.gl/8TwDBC
  • https://goo.gl/uV5dpW
  • https://goo.gl/Ehyzju
  • https://goo.gl/AAtBoL
  • https://goo.gl/pGhVq9

You can also read ...

BMW’s Tech-Stuffed Concept SUV Heralds Fancy, Electric Future
Changing notions of what customers want from cars have pushed...
Oil & Gas Sector Most Conducive for Business
The research arm of Iran’s Parliament has conducted a first-of...
Tesla Hits New Speed Bump
Tesla Inc’s Chief Executive Officer Elon Musk on Sunday...
3 CBI Officials  to Leave
Following the recent passage of the law banning the employment...
CBA Concerned About Forex Outflow to Iran
The Central Bank of Afghanistan raised concerns about the...
Anzali Port to Be Connected to National Railroad
Anzali Port in the northern Gilan Province will be connected,...
Departure Tax Revenues  Up 117 Percent
The government earned 3 trillion rials ($24 million) from...
Mineral Trade Surplus Hits $2.9b
Iran exported more than 25.47 million tons of mineral products...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus