The Ministry of Construction, Housing, and Municipalities has allocated over 500 billion dinars for housing fund loans, which will begin early next week. While announcing that, for the first time, two types of loans will be offered, the ministry confirmed that owners of agricultural land converted to residential use under Resolution 320 of 2022 are not eligible.
The ministry's spokesperson, Nabil al-Saffar, stated in an interview published in the official newspaper that the ministry's housing fund loans, which will begin next Sunday, August 23, and continue for four days in Baghdad and the provinces, have been allocated 500 billion dinars this year, noting that this amount is sufficient for only 10,000 borrowers. He stated that each governorate's share is determined based on its poverty rate and population size, noting that the maximum loan amount is 60 million dinars, with a repayment period of up to 15 years. This period is determined based on the property's location and size, as well as the salary of the employee or guarantor. He explained that the fund operates on self-financing, requiring a specific amount to be raised annually to activate the program, which explains the delay in its launch this year.
Al-Saffar urged previous borrowers to adhere to their repayment schedules, as the funds are recycled for the benefit of other borrowers, especially since the repayment process has become electronic and easy. He revealed that the fund imposes a penalty for late payments and contacts the guarantor's department if payments are delayed for three months.
Reconstruction: More than 500 billion dinars for housing loans and exclusion of agricultural lands converted to residential use
