Maskan Triples Mortgage Limits

Bank Maskan, the agent bank of the housing sector, announced it has tripled its mortgage threshold. The bank now hands out loans of up to 600 million rials ($18,534) for applicants in Tehran and allocates up to 500 million rials ($15,445) and 400 million rials ($12,356) to applicants in big and small cities respectively, reports Khabar Online. That is while the bank in the past extended loans worth only 200 million rials ($6,178) to residents of Tehran. Applicants can also receive loans as part of the Housing Savings Account–a scheme to support first-time homebuyers. For Tehran, other metropolises and small cities, the amount of loans for first-time homebuyers equals 800 million rials ($24,712), 600 million rials and 400 million rials respectively.