Cancellation of current and previous loan interest for the initiative of the Central Bank
Cancellation of current and previous loan interest for the initiative of the Central Bank
Sunday 18 July 2021 | 12:50 pm
On Sunday, the Real Estate Bank revealed the decision to cancel the current and previous loan interest for the initiative of the Central Bank of Iraq .
The official Iraqi News Agency reported, in news, that the bank said, “It was decided to reschedule the previous loans granted to the real estate bank for a loan period of (20) years, with the cancellation of the 2% interest calculated on previous loans as of 11/29/2020, and only imposing an administrative commission. A one-time rate of 5%, and 1% in favor of the Central Bank on the remaining installments, and 4% for the Real Estate Bank .
He pointed out that “the real estate bank loans granted within the initiative for the purpose of purchasing housing units inside and outside the investment housing complexes (the fifth program loans) included the administrative commission of 5% and for one time, 1% for the central bank and 4% for the real estate bank and retroactively .”
He called on the bank to “instruct all borrowers via phone call or approach their departments for whom loans have been disbursed at an interest rate of 2% by paying the 5% commission, so that the bank can reduce the amount of the monthly installment in light of this,” noting that “cancellation of interests does not take place until after paying the specified commission for transactions.” disbursed”.
aynaliraqnews.com
