The Central Bank of Iraq to raise the housing financing ceiling within one Trillion Dinars

Shafaq News / The Central Bank of Iraq decided today, Wednesday, to raise the ceiling for housing financing within the "One Trillion" Initiative. 

The bank said in a statement received by Shafaq News Agency that, "it decided to raise the ceiling for housing financing to 100 million dinars instead of 75 million dinars. Moreover, the period of repayment is extended to 15 years instead of 10", indicating, "the decision came in response to the growing demand for housing loans".

The statement added that, "it also decided to reduce the burden of the interest on the citizens by applying the method of diminishing installment in the calculation of the interest of the bank while keeping the administrative commission of the central bank at seven per thousand and the annual administrative commission of the guarantor company at six per thousand".

The Central Bank of Iraq launched at the end of 2015 the One Trillion Initiative to finance small and medium enterprises aiming at encouraging the youth to invest in agricultural, industrial, commercial and service sectors.