Economy, Business And Markets

Home Loans to Increase for Elites

Home Loans  to Increase  for ElitesHome Loans  to Increase  for Elites

The Central Bank of Iran has decided to increase the ceiling of home loans for elites by 60% to encourage them to stay in the country, the CBI’s website announced. The maximum amount of loans for these groups has been increased to 1.6 billion rials ($43,000), which would be granted to elites through banks with the approval of Iran’s National Elites Foundation. Deputy Foreign Minister Hassan Qashqavi said brain drain from Iran had soared during the tenure of former president, Mahmoud Ahmadinejad. Emigration from Iran declined by 30% in the last fiscal year (March 2015-16) compared to the year before. The current government’s mission is to provide elites with as much facilities and funds as possible. According to Ali Asghar Saeedi, sociologist and lecturer at Tehran University, elites mostly immigrate to make use of their specialties to enhance their financial status.

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