Iran raises ceiling on housing loans

Business Materials 16 October 2021 11:12 (UTC +04:00)
Iran raises ceiling on housing loans

TEHRAN, Iran, Oct.16


The Iranian government is raising the ceiling on home loans in big cities to 4 billion rials (about $95,000), said Minister of Road and Urban Development, Trend reports citing ILNA.

A total of 3.6 trillion rials (about $85 million) assigned for housing advances per year will grow in the coming years. The Money and Credit Council is expected to approve the plan to increase housing loan celling next week, said Rostam Ghassemi.

There have been measures to solve the housing problems that include providing advances and land to low-income applicants and contractors to construct housing units.

Iran Ministry of Road and Urban Development plans construction of two million housing units for low-income class in one year as part of the government landmark housing plan to build four million residential units in the next four years to maintain the surging prices in the housing market.

Mehr Housing Project and the National Housing Action Plan were two other affordable housing schemes, previously launched by formers administration that faced a shortage of resources.