Damascus-Sana
The Commercial Bank of Syria announced today a loan to finance the construction of multi-storey “residential units”.
In the announcement, a copy of which was received by SANA, the bank said the loan would provide financing for the construction of a multi-storey building on land intended for construction where the bank would finance 50 percent of the project value.
The bank said that the loan period does not exceed three years and is repaid in monthly, quarterly or semi-annual installments. It is entitled to borrow to the land owner “without the requirement to be a trader or contractor” and to a trader or contractor associated with the land owner through contracting contract with the clerk.
The bank also explained that if the project is land for construction, 30 percent of the loan will be leased to the first tranche upon completion of the foundations and the basement after the grant decision, 40 percent a second tranche at the completion of the second floor technician and 40 percent a third tranche upon completion of the last floor. If the project is partially implemented, the loan shall be leased at 50% of the value of the completed works after the grant decision and 50% upon the completion of the project.
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