CBI: 100 million-dinar loans for housing funds

Shafaq News / The Central Bank of Iraq issued a decision today, Thursday, to extend the installments on housing fund for 15 years.

"The housing initiative encompasses two aspects. the first is related to housing fund and the real estate bank, while the second type to private banks", the director of the Central Bank's media office, Aysar Jabbar, said in a statement to the official news agency.

He added, "the citizen or employee whose salary is at private banks, can take 100 million dinars in installments for 15 years to buy housing units, at an interest of 3 percent".

He continued, "The second loan is the Housing Fund and the Real Estate Bank, as we have raised the installment ceiling from 10 to 15 years. The value of the loan, it is determined by the Housing Fund and the Real Estate Bank".

"The central bank has allocated 6 trillion since 2015 to launch two initiatives; the first of which is the five trillion initiative that went to the sectoral banks (industrial, agricultural, real estate and the housing fund) and one trillion initiative went to private banks", he added.