Massoumeh Aqa Pour-Alishahi added that policymaking should be geared toward promoting home ownership, Hibna reported. Iran’s highest financial decision-making body last week approved interest rate cuts for the country’s most attractive home loans to make them cheaper and more affordable. Based on the ratification, interest rates for the Housing Savings Account loans were decreased to 8% from the previous 9.5% in non-distressed urban areas and to 6% from the previous 8% in distressed urban areas. Conventional lending rates in Iran’s banking system stand at 18%, according to Financial Tribune.