Bank Maskan, the agent bank of the housing sector, is considering two proposals to sweeten a home loan offer for revitalizing the stagnant housing market and boosting demand from first-time home buyers, the director of the bank’s Department of Planning announced. “One proposal involves the allocation of loans to houses that are under 20 years old. The age ceiling has previously been set at 15,” Mohammad Hassan Moradi also said on Thursday, ISNA reported. “The other proposed measure under consideration provides for a 25% increase in the value of loans,” he added Trading in the property market has substantially slowed, mainly due to a volatile foreign currency market. The value of home purchase loans has not increased in proportion to the skyrocketing prices, drastically eroding the purchasing power of Iranians and contributing to a downturn in housing sales. Prior to the onset of an inflationary trend in April, loans offered in the housing sector covered 50% of the price of homes on sale, but they are now barely enough to cover 26%.
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