13% of HSA Loans for Old Neighborhoods

Mortgage loans for homes located in dilapidated parts of cities accounted for 13.2% and 13% of the total number and value of home loans, respectively, following a popular mortgage initiative by May 21, which marks the end of the second Iranian month. Housing Savings Account was initiated three years ago by Bank Maskan, the agent bank of the housing sector, to help first-time homebuyers who are required to make a down payment and wait for a year to become eligible to receive double the amount of their deposits as loans. Citing a recent report by the Urban Development and Revitalization Company of Iran, HIBNA said on Sunday HSA-related figures by May 21 show 4,779 billion rials, the combined value of 6,441 loans, have been granted for the purchase of homes in underdeveloped urban areas. It constitutes 13.2% and 13% of all HSA loans in terms of number and value, respectively, the report said