Iran Mortgage Rates Cut Further

Iran's highest financial decision-making body has approved further cuts in interest rates to make the most attractive home loans cheaper and more affordable.
The entity also eased conditions for the renovation of residential units in rural areas, the official news website of the Central Bank of Iran reported.
In its meeting on Tuesday, the Money and Credit Council, headed by CBI Governor Valiollah Seif, approved further cuts to interest rates levied on Housing Savings Account by Bank Maskan, the agent bank of the housing sector.
Based on the ratification, interest rates for HSA loans have now reduced to 8% from the previous 9.5% in non-distressed urban areas and to 6% from the previous 8% in distressed urban areas. This is while normal lending rates in Iran's banking system stand at 18%.
MCC also approved an increase in the ceiling of individual subsidized loans allocated for the purpose of renovating and reinforcing rural residential units, based on which the ceiling has been raised to 250 million rials ($5,952) from the previous 200 million rials ($4,761). 
It made the ratifications with the aim of "revitalizing the housing sector and supporting first-time homebuyers", in addition to renovating rural distressed areas.