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Bank Maskan Eases Home Ownership

Bank Maskan Eases Home Ownership Bank Maskan Eases Home Ownership

Bank Maskan, the agent bank of the housing sector, has eased conditions for its key target audiences, namely people tapping into its housing bonds scheme and citizens living in distressed areas.

According to its newly-appointed chief executive, Abolqasem Rahimi Anaraki, the bank has reduced the interest rates on loans received on the back of housing bonds for residents of distressed areas from 17.5% to 16%.

“We have been negotiating with the Central Bank of Iran to increase the maturity period of loans from 12 to 15 years,” Anaraki was quoted as saying by the news portal of the bank in a press conference on Tuesday.

The CEO further said 363,000 Housing Savings Accounts have so far been opened for boosting the purchasing power of first-time homebuyers, meaning that the deposits people made to receive loans currently amount to 60 trillion rials ($1.29 billion).

“The bank had 545 trillion rials ($11.72 billion) worth of overall deposits when the current fiscal year began in March 2017, which number has now risen to 681 trillion rials ($14.64 billion) to register a 26.6% growth,” he said.

Bank Maskan has extended loans worth 134 trillion rials ($2.88 billion) from the beginning of the year until now, whereas Anaraki predicts that the total volume of facilities will reach 180 trillion rials ($3.87 billion) by the fiscal yearend (March 20) to register a 5% increase compared with the previous year.

A total of 146,000 counts of loans aimed at purchasing homes have been allocated by the lender from the beginning of the year so far, which is projected to reach 170,000 loans. 

The value of the loans has so far shown a 55% increase year-on-year. 

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