CBI announces a new initiative for housing loans

In order to alleviate the effects of the housing crisis that Iraq is going through, the Central Bank of Iraq decided to continue its initiative to support the housing sector (the housing fund and the real estate bank) to lend citizens and employees wishing to buy housing units throughout Iraq.

The loans are divided into two types:

First: Housing Fund loans of (75) million dinars to build housing units with an area of ​​not less than (100) square meters or to add building in Baghdad and governorate centers, and loans of (60) million dinars in the districts of the capital, Baghdad, and (50) million Dinars outside the centers of the rest of the governorates, and loans of (75) million dinars for the purchase of housing units in residential investment complexes that have already been approved for financing from the fund, and the interest-free loan will be only a one-time administrative commission of 5% of the loan value and the repayment period It does not exceed (20) years, to facilitate the value of the monthly installment.

Second: Real estate bank loans of (100) million dinars for the purchase of housing units outside investment housing complexes with an area of ​​not less than (100) square meters, and these loans will be with a diminishing annual interest rate of (2%) of the value of the loan and a repayment period not exceeding (20) years.

And loans of (125) million dinars for the purchase of housing units in residential investment complexes, and the interest-free loan will be only a one-time administrative commission of 5% of the loan value and the repayment period It does not exceed (20) years

The Central Bank added another initiative by granting loans to employees whose salaries are settled in (government and private banks) at an amount of (15) million dinars, with a one-off commission of 4% of the loan value, and a payment period of 5 years.

 

Central Bank of Iraq

  February 1, 2021