No-Deposit Home Loan Amount Increases

In order to increase home ownership among the youth, the Money and Credit Council, a decision-making body, voted to raise the limit of no-deposit home loans for couples. The limit for such loans for couples is now 1.2 billion rials ($32,000) in the capital Tehran, which stood at 1 billion rials ($26,600) prior to the ruling. MCC has also allowed Cooperatives Development Bank to offer housing loans, which used to be a prerogative of Bank Maskan and other non-specialized commercial banks. The final implementation of the measure depends on banks’ resources. More details will be announced by the Central Bank of Iran in due time.