Economy, Business And Markets

BMI Bonds to Boost Housing Affordability

BMI Bonds to Boost Housing Affordability BMI Bonds to Boost Housing Affordability

Bank Melli Iran, the nation’s biggest bank, is set to issue its first-ever housing bonds soon and experts believe that will lead to a drop in the price of bonds in the over-the-counter Fara Iran Bourse.
In early January, BMI announced that it has launched a housing savings account, meaning that it has effectively become the first bank to enter the ailing housing sector after Bank Maskan, the agent bank of the housing sector, that operates its own housing savings account. 
As BMI’s chief executive, Mohammad Reza Hosseinzadeh, had outlined at the time, the bank offers two types of housing plans that differ in terms of the amount of investment and interest rates, but require applicants to acquire a priority bond to receive home loans.
According to BMI’s website, the lender has so far opened 14,000 accounts and expects to issue its bonds soon. Pundits believe that the issuance of bonds will make housing bonds more affordable.


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