CBI extends housing loans' terms to 15 years

Shafaq News / The Central Bank of Iraq decided on Wednesday to extend the housing loan terms from 10 to 15 years.

The Central Bank stated today, "in response to the economic conditions that our country is going through and to contribute to alleviating the burdens of borrowers in light of the current financial distress, the Central Bank of Iraq decided to amend the loan terms within its initiative to finance the housing and real estate bank (the Five Trillion Initiative). The new terms will be 15 years instead of 10 years, with a retroactive effect".

The statement added that the bank, "continues to take all necessary measures to contribute to creating a banking system capable of responding to the challenges of the financial crisis and leading the Iraqi economy to safety".