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FinancialNews


  • 21-11-20

    Iran: Rise 46 pct in bank loans to housing, building domain

    (MENAFN)


    The worth of the advances paid in the 7 months period demonstrates a 46-percent climb in comparison with the very period of the past year, in spite of the slump in the housing market, stated Bank Maskan Managing Director Mahmoud Shayan.

    According to a report by IRNA, Mahmoud Shayan stated that 1,135,235 advances were paid to the applicants in different forms, comprising home loans under housing saving account, housing bonds, housing repair bonds, or building loans.

    The official stated that an overall of 66,000 home buy advances valued at USD1.57 billion were paid to applicants, mentioning that 30 percent as a minimum of the total number of homebuyers utilized Bank Maskan loans to fund their houses in the period.

    He noted: "a total of 84,366 housing repair bonds worth 28 trillion rials (USD106 million) were paid. Most people opted for renovating their homes rather than buying a new one due to the exponential rise in home prices in Tehran and other big cities. That is why repair and reconstruction loans [housing repair bonds] outnumbered home loans paid by the bank."

    MENAFN21112020000045011361ID1101162203

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