HSA was supposed to absorb 66.76 trillion rials ($609.69 million) in liquid deposits from the time of its establishment until its third anniversary in July.
The volume of deposits belonging to the initiative in this period reached 69.90 trillion rials ($638.37 million), indicating that 104% of the initial target were realized, reported HIBNA, the official news website of Bank Maskan, the agent bank of the housing sector and the operator of the initiative.
HSA is a government-backed scheme that requires applicants to put down deposits and wait for a year to become eligible for double the amount in cheap loans. The main targets are first-time homebuyers and people living in distressed urban areas, Financial Tribune reported.
The initiative was slated to attract 4.43 trillion rials ($40.45 million) from the beginning of the current fiscal year on March 20 until the end of the fourth month of the year on July 22. Figures show the volume of deposits exceeded 7.57 trillion rials ($69.13 million), meaning that the account managed to realize 171% of its initial target.
Bank Maskan CEO Abolqasem Rahimi Anaraki had announced in mid-August that more than 480,000 people have opened accounts with the initiative, meaning that its growth has beaten expectations.
“Some 360,000 accounts should have been opened in this scheme as per the predictions, but we’re ahead by 120,000,” he said at the time.
All the resources absorbed by HSA are redirected to boost the financial strength of Bank Maskan for it to be able to support prospective homebuyers through cheap facilities.