Details of loan payment of 250 to 450 million Tomans of the National Housing Movement

Late last month, the Central Bank announced the instructions to pay the loans of 250 to 400 million Tomans for housing construction in the form of the National Housing Movement for implementation to the operating banks. According to Article 8 of this instruction, the total period of civil participation and installment sale of these facilities is determined up to a maximum of 20 years (maximum three years of civil participation).

Note 15 of this article states: Considering the long repayment period and the increase of the relevant interest, it is possible to install the mentioned facilities in shorter periods of time (8, 10, 12, 15, etc.) if the applicant wishes and requests.

Accordingly, the bank must announce the total amount of interest paid and monthly installments of the facility in different repayment periods to the applicant. Gradual installment of the facility can be done at the request of the applicant and with the approval of the operating bank.

On the other hand, the Deputy Minister of Housing and Construction of the Ministry of Roads and Urban Development announced the payment of the facilities of the National Housing Movement as follows;

Pursuant to Article 4 of the Housing Production Leap Law and the decision of the meeting dated 11/08/1400 of the Monetary and Credit Council, housing construction facilities in different cities based on the ceilings set as follows can be registered in this system and introduced to operating banks. Is payment;

Tehran 4500 million rials

Cities with a population of over one million, 4,000 million rials.

Provincial centers 3500 million rials.

Other cities 3000 million rials.

Villages 2500 million rials.

The method of granting facilities in stages and in proportion to the physical progress of the project (gradually) in each of the stages is as follows;

Peykan _ Foundation درصد10%

Skeleton – 40% ceiling

Hardening 25%

Joinery 25%

The operating bank can pay up to 20% of the total balance of civil partnership facilities with the approval of the Ministry of Roads and Urban Development and obtaining a bank guarantee. Obviously, this amount will be depreciated from the payments of each of the future stages in proportion to the company’s share.

The interest rate of this facility is equal to the interest rate approved by the Monetary and Credit Council at the time of concluding the contract. At present, the interest rate approved by this council is 18%.