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EghtesadOnline: As per the Budget Law for the fiscal 2021-22, all banks and credit institutions must pay construction loans for a total of 1.2 million residential units in the current Iranian year that started on March 21, says Deputy Roads Minister Mahmoud Mahmoudzadeh.

“Private sector owners and builders of 400,000 affordable homes in rural areas and 800,000 residential units in urban areas can apply for the loans,” he added. 

Noting that these loans will not be granted to builders of luxurious homes, the official said, “Money and Credit Council, a top financial decision-making body with the Central Bank of Iran, is now working on this issue and will reveal the value of the loans in the next couple of weeks.”

According to Hibna, a total of 3,600 trillion rials ($15.75 billion) worth of loans must be paid to applicants for the construction of 1.2 million homes this year.  

 

Budget Loans construction