Bank Maskan Contributes $310m to National Housing Initiative

A total of 80 trillion rials ($310 million) have been injected by Bank Maskan, the state agent bank of the housing sector, in the National Housing Initiative, the government-sponsored affordable housing project, Mahmoud Shayan, the bank’s CEO, says. 
Noting that financing the housing project is one of the key items on Bank Maskan’s agenda this year, the official said, “The bank is tasked with financing 140,000 out of 400,000 residential units that are scheduled to be constructed under the initiative. Qualified applicants are required to open bank accounts with Bank Maskan and make an initial deposit of 400 million rials [$1,551]. The bank will then grant 1 billion rials [$3,878] in financial facilities for the construction of the residential property.”
“Thus far, 202,000 people have registered in this system and more than 50 trillion rials [$193.94 million] have been deposited by the applicants. In return, Bank Maskan has paid 30 trillion rials [$116.36 million] from its loan resources. Bank Maskan will contribute a total of 140 trillion rials [$543.05 million] to the project, i.e., 1 billion rials per residential property,” he was quoted as saying by the news portal of the Ministry of Roads and Urban Development.