They approved the allocation of home loans worth 1.5 billion rials ($5,952) with a repayment period of maximum 20 years by the Central Bank of Iran to first-time homebuyers who have their third child born in the years ending March 2021 and March 2022.
CBI is obliged to earmark 9,000 billion rials ($35.71 million) of its resources to this kind of loan, ISNA reported.
A total of 4,600 billion rials ($18.25 million) in CBI’s resources have also been approved for allocating home loans to first-time homebuyers with a repayment period of maximum 10 years as follows:
- Home loans worth one billion rials ($3,968) to each parent of a family with two children
- Home loans worth 800 million rials ($3,174) to each parent of a family with one child
- Home loans worth 500 million rials ($1,984) to a wife and husband.
CBI was also required to hand out marriage loans worth 700 million rials ($2,777) per partner to those married on or after March 21, 2018, with a repayment period of 10 years. The bank must raise the marriage loans to 1 billion rials to men who marry under the age of 25 years and women who marry under the age of 23 years.