Bank Maskan (Housing Bank) on Monday ordered all its branches across the country to raise mortgage loan ceilings for first-time buyers in Tehran and other cities and towns, IRNA reported citing an official. Hamed Mazaherian, the housing deputy at the ministry of roads and urban development, said the loans will be granted to newly-married couples and single parents, whose average account balance in a six-month time can cover at least 16 percent of the total loan amount. According to a recent approval by the Money and Credit Council, mortgage ceilings for first-time buyers would be raised to 800 million rials in Tehran and to 600 and 500 million rials in big cities and towns, respectively. The loans will be provided at 14 percent interest rate and their repayment period will be maximum 12 years.
