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Al-Rasheed sets the mechanism for granting loans to repair housing units without a guarantor
The Economy News - Baghdad
On Sunday, the Al-Rashid Bank specified a mechanism for granting loans to repair housing units without a guarantor.
The bank said in a statement seen by "Al-Iqtisad News", that "the conditions that must be met for granting the loan that the maximum amount of the loan be 40 million for employees and 30 million for citizens who are not employees, provided that the amount of the loan due be determined at a rate not exceeding 50% of the net The borrower's salary.
He added: "The loan disbursement will be in two installments, at the rate of 60% of the first installment of the loan amount for employees and 75% for non-employee citizens, provided that the term of the loan is 10 years from the date of granting the first installment of the amount."
He continued, "The interest rate is 5% annually, calculated by the straight-line method and paid monthly with the monthly installment. The calculation of the monthly interest according to the formula (loan amount * interest rate) / 12%, and an administrative commission is paid at 2% of the loan amount granted."
He explained that "the borrower must bear all mortgage fees, disclosure fees, financial stamp fees, and legal fees according to the laws, regulations, and instructions in force," stressing that "granting these loans to residential units located in Baghdad and the provincial center exclusively."
As for the conditions that must be met in the applicant of the loan, the bank stressed that: "He should be Iraqi national, fully qualified and not less than 18 years old, and that he should not have a housing loan granted to him from any bank that has not been paid in full, and that the employee requesting the loan be appointed to the permanent angel and fixed in One of the state departments, he continues to serve, and his service should not be less than two years.
The bank stressed that "priority is given to women who are paid to the bank by the holders of the exclusive MasterCard Nakheel card."
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