The ceiling of housing purchase and construction facility was doubled – Tejaratnews
According to Tejarat News, the Governor General of the Central Bank announced the approval of the Supreme Council of Money and Credit with the doubling of housing loans.
The Governor General of the Central Bank announced on his personal page in the virtual space: the ceiling of housing purchase facilities from the place of the certificate of pre-emption has been doubled.
The Governor of the Central Bank also announced: this facility in Tehran for couples was 400 million tomans, which was increased to 800 million tomans based on the new resolution of the Money and Credit Council.
Farzin wrote: For the cities, it increased from 160 million tomans to 320 million tomans.
He added: The cost of repairing and renovating residential units, which was 80 million tomans, increased to 160 million tomans.
Mortgage payment was removed from the monopoly of Bank Maskan
Farzin, the spokesperson of the Money and Credit Council, stated: Previously, the payment of mortgage loans with certificates of priority (TSE) was only related to housing and commercial banks, but it was decided that all banks should use the possibility of paying mortgage loans based on bonds.
Do banks have the necessary resources to increase the amount of the facility?
At the same time, the government has increased the payment ceiling for housing facilities during the last month, which seems that the banks do not have the necessary resources to implement these plans, and the source of funding for this increase in the facility ceiling has not been announced yet. If the banks turn to the central bank for borrowing, due to the financial incapacity of this institution, we will eventually see money printing and repeat the cycle of inflation.
On the other hand, due to the low profitability of mortgage loans, banks do not have much desire to participate in such approvals and prefer commercial projects.
The Director General of Housing Economy of the Ministry of Roads and Urban Development said in this regard that in the first year of the implementation of the law on the jump in housing production, 360 thousand billion tomans of the National Housing Movement facility and 548 thousand billion tomans were notified to the banks in the second year, but the banks have received about 111 thousand tomans so far. Billion Tomans contracts including facilities in the form of self-ownership, national housing movement, rural housing and housing deposit have been signed to the applicants.
Also, statistics show that in the first year, 18% and in the second year, 17% of the legal obligations of the banks in paying the National Housing Movement facilities have been fulfilled. In total, the performance of the banking system in providing facilities to the national housing movement was 17.5%.
Source: Irena