The mortgage ceiling reached 960 million tomans/ how much are the loan installments for singles and couples?

According to Tejarat News, on the last day of spring 1402, the Money and Credit Council increased the ceiling of housing purchase facilities from the place of pre-emptive bonds. Field observations show that the increase in the amount of this loan has not yet been announced to the banks, but based on this news, the mortgage loan for couples has increased up to 800 million tomans and for singles up to 400 million tomans. 160 million Tomans of Jaala loan remains the same as the previous amount.

Before this, the housing loan for Tehrani couples plus the Jaala loan was 480 million tomans, which has reached 960 million tomans. Also, 280 million Tomans were awarded to Tehrani singles, which has now grown to 560 million Tomans.

The monthly installments of the housing loan of 960 million tomans are about 19.3 million tomans and the total repayment is estimated at 2.780 million tomans. The amount of installments for singles is estimated at 11 million and 277 thousand tomans.

The cost of getting a mortgage

Getting this loan requires paying the initial fee and buying Tese bonds, and as the loan amount increases, the cost also increases. Now the price of Tese bonds is 85 thousand tomans, and considering that the Tehrani couple must prepare 1,920 bonds for a loan of 960 million tomans, as a result, they have to pay 163,200,000 tomans. In this way, Tehrani singles are required to buy 1,120 TSE papers and finally pay 95,200,000 tomans.

But the purchase of bonds is not the only cost of the mortgage, and according to the applicants, there are other costs waiting for the people from the beginning to the end of the process of receiving this facility. Tejaratnews’ field investigations show that now the bank receives about 2 to 4 million tomans for real estate appraisal.

On the other hand, an amount must also be paid to the notary to place the deed of the house in the bank’s mortgage; The cost that used to cost singles from 6 million to about 9 million tomans and for married people from 12 to 18 million tomans, and now it increases with the increase of the loan amount and its repayment.

Documents required to get a mortgage

To receive this loan, items such as Qarz Al-Hosna account in the name of the buyer, account card or priority documents, original and copy of declaration with tracking code, original and copy of document pages, original and copy of all construction permits and employment certificate of the facility applicant are required.

How to repay the mortgage

Mortgage repayment is done in two simple and stepped ways. For areas outside the worn-out urban fabric, in two simple and stepped ways, the repayment is 12 years and the interest is 21%. Areas of worn-out urban fabric are 15 years in the simple method and 12 years in the stepped method with a profit of 22.5%.

If the applicant sells the house during the payment period of the mortgage installments, the remaining amount of the total loan can be transferred to the new buyer; In this case, the balance of the debt will be transferred to him. Also, if a person has used the facility before, but intends to buy a new property and transfer the previous facility to the new property, the bank will carry out this transfer in the form of exchange of collateral; In this way, the bank allows the applicant to take a new loan equal to the difference between the facility ceiling and the remainder of the previous facility.

Should we get a mortgage or not?

The most prominent thing that is raised in criticism of this loan is its interest rate plus the price of Tese bonds. As it was mentioned, based on this increase, Tehrani couples have to pay one billion and 800 million tomans in interest. But some believe that considering the housing inflation in the past years and the prospect of inflation in the coming years, this loan seems cost-effective.

Of course, this should also be kept in mind that according to the salary base of this year (seven million and 640 thousand tomans), the installments of this loan are not an amount that a large section of the society can afford to pay.

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