Home Renovation Loans Top $60m Since March 2019

EghtesadOnline: Home renovation loans in underdeveloped urban areas have been paid to 21,348 applicants since March 2019 up until now, Mohammad Hassan Alamdari, an official with Bank Maskan, the state agent bank of the housing sector, says.

News ID: ۷۸۶۵۷۲

30 June 2021

“The total value of these loans stands at 15,240 billion rials [$61.45 million],” he was quoted as saying by the news website of the Ministry of Roads and Urban Development.

Bank Maskan has increased the value of loans it offers to home builders in urban slums who use advanced technology from 2,500 million rials ($10,080) to 3,000 million rials ($12,096), he added.

Renovation loans with a lending rate of 9% worth 500 million rials ($2,016) in Tehran and other large cities, and 400 million rials ($1,612) in other cities are being granted to owners of homes located in underdeveloped urban areas who rebuild their property.

Alamdari noted that other banking facilities will be offered at a lending rate of 18%.