Banks Expected to Help Advance Mortgage Loans

Lending to boost the housing sector and help people buy homes is expected to increase sharply in fiscal 2022, according to a lawmaker.
As per the 2021-22 budget rules, Iranian banks are obliged to inject 1,600 trillion rials ($6 billion) to help home buyers,  Mojtaba Yousefi said.
“Banks can grant housing loans equivalent to 20% of their total lending in the present fiscal year”, he was quoted as saying by IRNA.
If realized, the housing industry can pick up significantly compared to last year when home loans accounted for less than 7% of the total lending by banks.