Iran plans to raise mortgage rate

Business Materials 15 January 2021 15:29 (UTC +04:00)

BAKU, Azerbaijan, Jan. 15


Iran`s Minister of Roads and Urban Development announced the submission of a proposal to increase the mortgage loan for the National Housing Plan to the Monetary and Credit Council.

"Undoubtedly, the progress of the national housing plan depends on the people, and they will contribute to the progress of the project by providing the financial support," Mohammad Eslami said, Trend reports citing Tasnim News Agency.

He went on to say that the proposal to increase the loan amount of the national housing plan from $23,800 to $3,500 has been submitted to the council Money and credit.

"In this case, the consideration is that the people who receive the loan have the ability to pay it back," he said. "For the builder, 80 percent of the amount required is provided through the bank`s credit."