Buy a mortgage at half price!

According to Tejarat News, the heavy cost of buying a mortgage has made headlines these days. Today, the average price of each mortgage slip reached a little higher than 110 thousand tomans. Thus, a Tehran couple who intends to buy a housing loan of 480 million Tomans need to pay more than 105 million Tomans.

This prompted the Housing Bank to unveil a new plan recently.

In this regard, Mohammad Hassan Alamdari, a member of the board of directors of the Housing Bank, announced that the cost of buying housing bonds has been halved. He explained to the information base of the Housing Bank in this regard: Applicants for facilities from bonds to receive these facilities can only buy bonds to receive 50% of the requested facility and the other 50% of facilities without purchasing bonds and from the sources of facilities They will be paid without deposit.

He continued: “In fact, the applicants for receiving facilities of 400 million Tomans from the location of bonds in Tehran, who previously had to buy 800 bonds and submit them to the bank to receive these facilities, can now obtain facilities only by purchasing and presenting 400 bonds.” Receive 400 million Tomans.

Alamdari also said that this privilege intended for housing facility applicants also includes housing forgery facilities. Jaala housing facilities are currently 80 million tomans throughout the country. Applicants used to have to buy 160 bonds to receive these facilities, but now they can purchase and offer 50% of this number, ie 80 bonds, to receive the forgery facility.

He stressed: “This privilege is intended for applicants for housing facilities for all cities and provinces of the country, and applicants across the country can use these facilities.”

Alamdari said: “With this measure, the cost of receiving facilities for applicants will be reduced by half, and thus their purchasing power in the housing market will increase.” This opportunity is in fact a good opportunity for all applicants who intend to receive facilities and purchase or build housing from the bonds.

Interest difference and repayment period of 2 loan models

Of course, you should know that loan repayment in this method is different from the previous method. Online economics follow-ups from the Housing Bank show that those who buy full mortgage bonds have lower interest rates and longer repayment periods. Accordingly, mortgage buyers in the previous model can repay their 12-year mortgage and 5-year mortgage, and their loan interest is 17.5%, but in the new model, where buyers buy half of the required bonds, 18% interest must be paid. And the maximum repayment period of housing purchase facilities without the mentioned deposit is 96 months, which is equivalent to eight years. Also, the maximum repayment period of the forged housing facility without the mentioned deposit will be 60 months, equivalent to 5 years.

When will the loan be repaid at half price?

Online economics follow-ups from the Housing Bank also indicate that this loan repayment model has now been communicated to the branches and applicants can apply for loans in this way in all provinces.

How much installment should we pay?

Also in this model, the amount of installments paid is different. In the first case, ie receiving all facilities from the bonds, considering that the mortgage is from the housing facility bonds with an interest rate of 17.5% and a repayment period of 12 years, the amount of the facility installments of 400 million Tomans is 6 million and 661 thousand Tomans per month.

The facility of 80 million Tomans of Jaaleh Maskan is also calculated with an interest rate of 18% and a repayment period of 5 years, as a result of which the monthly installments are 2 million and 31 thousand Tomans.

The total installments of these facilities are 8 million and 692 thousand tomans.

In the second case, that is, if the applicant for housing facilities wants to use the new plan of the specialized bank of the housing sector, for half of the facilities (200 million Tomans) he must purchase 400 certificates of priority of housing facilities with a 17.5% interest rate. And a 12-year repayment is calculated. The monthly installments of this facility will be 3 million and 330 thousand tomans.

Also, the other half of these facilities (200 million Tomans) will be granted from the bank’s internal resources (without deposit), with an interest rate of 18% and an 8-year repayment, the monthly installments of which are 3 million and 944 thousand Tomans.

The 80 million Toman loan of Jaaleh Maskan is also in two situations, half with bonds and half of the bank’s internal resources (loan without deposit), but both loans are granted with 18% interest rate and 5-year repayment. Monthly bonds are 2 million and 31 thousand tomans.

The total installments paid by the recipient of this loan for the total loan (480 million Tomans) will be 9 million and 305 thousand Tomans per month.

Source: EconomyOnline