The Central Bank decides to increase the amount of housing finance for citizens and extend the payment period
The Central Bank decides to increase the amount of housing finance for citizens and extend the payment period
08/26/2020 17:35
[Baghdad-Where]
The Central Bank of Iraq announced, on Wednesday, the amendment of the housing finance ceiling within the One Trillion Initiative.
The central bank said in a statement, that “in response to the increasing demand for housing financing, the Central Bank of Iraq decided to amend the housing finance ceiling within the one trillion initiative and the banks participating in this initiative” so that the housing finance ceiling becomes (100) million dinars instead of (75) million dinars. And, the period of repayment of the financing has been modified to become (15) years instead of (10) years.
”He added,“ In order to reduce the burden of interest installments on the citizen, the Central Bank decided that the method of calculating the interest rate of the bank participating in this financing shall be according to the method of (the decreasing installment). ), With the remainder of the central bank’s administrative commission of (7) per thousand, as well as the annual administrative commission of the guarantor company, amounting to (6) per thousand.
alliraqnews.com
