Najiba Najib, the member of the Investment commission issued a press statement that Iraqi Central Bank has allocated trillion Iraqi dinars for the financial distribution for Housing and Construction in collaboration with the Construction and Housing Ministry Fund to meet the requirements of Iraqi citizens and to overcome the residential housing crisis in all the provinces in the country.
She further added that this amount will be distributed among the potential banks for the projects and they will provide loans to Iraqi citizens according to the criteria. The allocation of this money has been aggregation with the allocated amount for the betterment of industry and agriculture to support small business in Iraq.
She added that it is most important project of housing in providing much better living opportunities for Iraqi citizens because population in Iraq is increasing day by day and granting financial loan for building houses would fulfill the need of Iraqi people. She pointed out that these loans will be granted for housing at the interest rate of 4 percent and will be repaid in five years.
The Construction and Housing Minister Tariz Kikhani announced earlier that a new modification in the instruction for Housing Fund indicating the first way of two installment to repay the loan. It is said that first amount of 80 percent loan will be provided at the end of roofing and second amount of 20 percent will be provided at the completion.
The Minister of Construction and Housing Tariq Kikhany had previously announced a new amendment to the instructions lending from the Housing Fund circle, indicating that the first way repay the loan in two installments where by the fund, and recognizes The first batch of 80 percent of the loan amount to the beneficiary after ending the roofing stage, the second installment in the amount of 20 percent of the loan amount be delivered at the completion of the beneficiary businessman