Financial Tribune- Bank Maskan plans to expand a national mortgage scheme in the coming months to cover 700,000 potential applicants, the bank's CEO Abolqasem Rahimi said. "We supplied funds, in the form of property purchase and construction loans, for 540,000 residential units last year [ending March 20]. We intend to increase the number of homes ...

Financial Tribune- Bank Maskan, the agent bank of the housing sector and the countrys main mortgage lender, announced a whopping year-on-year increase in the value of mortgages in the first three quarters of the year that ended on December 21. During the first nine months of the current fiscal year (March 20-December 21), Bank Maskan handed out ...

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 ...

When the Money and Credit Council, the highest policymaking body of the central bank, agreed in May to almost double the mortgage loan offered to first-time buyers in Tehran, the initiative was hailed by some as a master plan for stimulating the depression-ravaged housing market. The approval raised the borrowing limit of Tehran citizens to 800 ...

The economic deputy of the Ministry of Economic Affairs and Finance called on Wednesday for balancing the one-year deposit rate (20%) with the interest rate (14%) of home loans provided by Bank Maskan (housing bank), to boost the banks financial resources. Shapour Mohammadi believes if the balance is not attained, the economy may face financial ...

CEO of a private bank has cast doubt on the ability of banks to undertake the new mortgage package, which seeks to stimulate the housing market. Hassan Motamedi, CEO of Bank Eghtesad-e-Novin, said banks cannot afford to pay loans that the stimulus package envisions. The low interest rate of 21% for contracts set by the Money and Credit Council ...

The recent decision by Money and Credit Council to raise the borrowing ceiling for first-time buyers in Tehran to 800 million rials ($24,000 at market exchange rate) and 600 million rials ($18,000) in other cities has been hailed by the government as a landmark step to stimulate the struggling housing market, but most analysts have sounded skeptical ...

Experts believe the housing market, hit by the recession over the past two years, will eventually receive an impetus, as the Money and Credit Council raised the mortgage ceiling on May 19. According to the approvals of the council, mortgage ceiling in Tehran would increase to 800 million rials ($27,000 at official exchange rate) for first time buyers ...

The Central Bank of Iran eventually gave its approval to boost the ceiling of mortgage loans to 800 million rials ($24,000 at market rate) from 450 million rials ($14,000). The agreement came after months of negotiations between the ministry of housing and urban development and the central bank, Eghtesad News reported on Monday. However, the decision ...