The Commercial Bank of Syria issued today the executive instructions for the loan that it grants to buy residential or commercial real estate “ready or on the structure” with a maximum of 100 million Syrian pounds, indicating that it has started receiving applications for this loan as of today and that it has set the percentage of financing at 60 percent of the value Real estate.
According to a statement from Al-Tijari that Sanaa received a copy of, the maximum term of the real estate purchase loan is 20 years and with the guarantee of the property itself, while the loan is characterized by a reduced interest that starts at 10 percent annually on the declining loan balance, and the final value of the interest when granted is determined according to the term of the loan, its value and the type of property.
The loan instructions indicate that the interest of the loan for residential real estate is 10 percent annually for a maximum period of ten years, 11 percent annually for a maximum period of fifteen years, and 12 percent annually for a period exceeding fifteen years. As for the interest of the loan for commercial property, it is 13 percent annually, noting that the interest is annually on the diminishing balance of the loan. .
In a statement to SANA, the Director General of the Syrian Commercial Bank, Dr. Ali Youssef emphasized that it is possible to accept only one repayment partner for the aforementioned loan and accept only one ownership partner for the loan, provided that the age of the client and the repayment partner does not exceed 65 years at the end of the loan term, indicating that the repayment mechanism is in equal monthly installments. Through branches or by bank card.
Youssef indicated that it is possible to prepay one or several installments in any branch, and the delay interest in force in the bank is applied upon failure to pay any due installment, provided that the borrower undertakes not to sell the property until after the remaining amount of the loan is paid and completely liquidated, stressing that the borrower cannot obtain more. From a loan to purchase a residential or commercial real estate except after the full payment of the previous loan, whether the payment is until the end of its term or before that.
According to the instructions, this loan can be obtained by any natural Syrian person and those of similar status exclusively from permanent workers in the public and private sectors, retired and military, owners of establishments, activities, free professions and trades for those who have a commercial, industrial, professional or vocational record for a period of not less than one year and the owners Permanent administrative licenses for a period of no less than one year, and those with scientific professions who have been affiliated with the Syndicate for a period of no less than a year.
Regarding the decision to resume granting loans, Dr. Youssef considered that allowing the resumption of loans contributes directly to employing bank financial liquidity in achieving development goals and increasing the pace of production by securing financing for establishing productive projects.
The General Manager of Al-Tijari called on those wishing to benefit from a loan to purchase a residential or commercial real estate to review the bank’s branches located in all governorates to submit their requests in this regard.
Yesterday, the Syrian Commercial Bank announced the resumption of granting retail loans, "a personal loan, a durable goods loan, and a wounded homeland loan," and the granting of indirect and direct credit facilities exclusively to finance the agricultural, small and medium sectors, and real estate loans.