CBI mulling mortgage rate cuts

The Central Bank of Iran is considering the possibility of lowering mortgage interest rates. Head of the CBI credit department, Ali Asghar Mirmohammad Sadeqi, said.

Regarding the recent cut in lending rates, he said “the CBI is also considering subsequent cuts” in a broad range of loans related to the housing sector,” Fars news agency reported. He said however, that the proposal is yet to be sent to Money and Credit Council– the country’s highest monetary policymaking body.

On the various lending rates in the real estate market, he said since interest rates on mortgage securities, renovation loans, construction loans and home loans vary from each other, all interest rates in the housing sector will be “scrutinized with care to ascertain the extent of each cut or none at all.”

By Financial Tribune