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Economy News - Baghdad
The Director of the Housing Fund, Dia Mujd, revealed that Prime Minister Mustafa Al-Kazemi agreed to increase the capital of the fund to 4 trillion dinars, while the director of the fund called on citizens who wish to apply for loans starting today, Sunday.
And the director of the fund said, in an interview with the official “Al-Sabah” newspaper and seen by “Al-Iqtisad News”, that “Al-Kazemi’s government supported the fund exceptionally and significantly, on the one hand, and directed to facilitate procedures for granting loans to citizens, providing service to them and overcoming the obstacles they face on the other hand.” He pointed out that "this support is part of the government's efforts to solve the housing crisis by granting interest-free loans away from routine."
He added, "This support was translated into a number of measures, most notably extending the loan repayment period from 10 years to 20 years with an increase in the loan amount from 50 to 75 million dinars, and Al-Kazemi agreed to increase the capital of the fund from 1 trillion to 4 trillion dinars," explaining "This huge amount will be fully loaned, as it will be a strong start to resolving the housing crisis, especially since the housing sector moves more than 25 sectors."
He pointed out that "the Fund will start launching its loans today, Sunday, with open quotas and large numbers that differ from the previous ones, and the Minister of Construction, Housing and Municipalities, Nazanin Muhammad Wassou, directed to facilitate the procedures, and instructed all the departments of the ministry to support the Fund and the speed of correspondence, in order to provide the best services to borrowers," calling Citizens to “apply via the website through a mobile phone or personal computer, and not to resort to offices.”
Regarding the terms of the loans, the director of the Housing Fund explained that they are “granted to build or add a building and to all citizens without exception on the condition of the sponsor, but employees whose salaries are domiciled do not need a sponsor”
He explained that "the borrowing transaction requires a real estate deed of form (25), with a map of fixing the borders, a complete block, stamped by the Real Estate Registration Department, in addition to an original valid building permit with the building map, provided that the area is not less than 100 m and the area of the housing unit is not less than 65 m. As well as undertaking the sponsor's department and bringing personal documents to him.
He pointed out that "the Fund has loaned, since the beginning of this year, more than 13,000 loans, amounting to 371 billion and 802 million dinars, especially since the number of loans granted since the beginning of the Fund's work so far has reached 146 thousand loans, with an amount exceeding 3 trillion and 970 billion dinars." Noting that "the fund aspires to expand the lending base further."
And regarding the mechanisms for paying loan installments by citizens, he explained that “the guarantor is the real guarantor of the loan amount. For a period of 6 months for those who wish, without any late fines.
With regard to the amendments to the Housing Fund Law, Mujd stated, “The amendments we desire are to allow sponsorship and insurance companies to sponsor citizens, and to facilitate some procedures,” noting that “the Housing Fund is currently ready to implement the electronic governance system, but some government departments are unable and unwilling to ready for now."
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