MCC Raises Loan Ceiling for Rural Housing and Jobs

EghtesadOnline: The Money and Credit Council - a top financial decision-making body affiliated to the Central Bank of Iran - approved a decision Wednesday to raise the ceiling of loans allocated for renovating rural residential units and interest-free loans for job creation.

News ID: ۷۸۴۶۶۷

18 May 2019

As per the decision, the ceiling for renovating rural homes has been raised to 400 million rials ($2,666), the CBI website reported.

Agent banks will offer the loans in coordination with the Housing Foundation of Islamic Revolution.

HFIR is a state body with a mandate to provide housing for the underprivileged and low-income people and help post-disaster reconstruction and recovery, according to Financial Tribune.

In addition, the MCC agreed to raise the ceiling of interest-free loans for job creation to 500 million rials.  The loans will be available for the low-income strata under the cover of major relief organizations in Iran, including Imam Khomeini Relief Foundation and the State Welfare Organization.

According to CBI data, in the previous fiscal (March 2018-19), lenders paid 1,125 trillion rials ($8 billion) in loans for creating new businesses.