PM Announces Details of Housing Fund Loans

By John Lee.

Prime Minister Dr. Haider Al-Abadi has approved the procedures for issuing loans from the housing fund, allocated from the central bank's budget of five trillion Iraqi dinars ($4.2 billion).

The loans will be distributed to the provinces as per the percentage of population (80 percent) and the degree of poverty (20 percent) for each province.

Each loan is a maximum of IQD 50 million ($42,000) paid to the beneficiary in two instalments, with an interest rate of 2 percent after a one year grace period from the date of receipt of each instalment.

These loans are granted for the purposes of construction and extension as well as for those wishing to purchase residential units in investment complexes, and "gives the right to rebuild housing units because of the devastating terrorist attacks".

The term of the loan is 10 years and is recovered in equal monthly installments within the prescribed period.

(Source: Prime Minister's Media Office)

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