Damascus-SANA
The Savings Bank announced today the launch of a new product represented in granting a real estate loan to the scientific and liberal professions, including some owners of crafts, workshops and small projects, by financing them to purchase a residential or commercial property with a ceiling of 100 million Syrian pounds.
In a statement to SANA’s representative, General Manager of the Savings Bank Raghad Masab confirmed that this product comes with the aim of diversifying the credit portfolio to include, in addition to low-income loans, real estate loans, whether residential or commercial, especially since the bank’s work was previously concentrated in the field of loans for low-income civilians and military personnel. .
The interest of the new real estate loan ranges between 14 and 16 percent annually on the declining balance and according to the time period of the loan, which is required to be covered by a real estate guarantee equivalent to 150 percent of the value of the loan granted, and the age of the borrower does not exceed 65 years until the end of the loan, which is granted on the basis of the monthly income of the student The loan, so that the deduction rate does not exceed 40 percent in addition to the interest, according to Maasab.
The general manager of the bank indicated that the bank distinguished for the new product with its flexibility with regard to the property presented as a guarantee, as it allowed the possibility for this property to be the same as the target for purchase, or another property owned by the borrower that meets the conditions of the bank, or for it to be a property owned by any person jointly and severally with the borrower who provides This property is to be a collateral for the loan.
Maasab also cautioned that it is prohibited to grant the aforementioned loan to finance the purchase of real estate between spouses or between parents and children, i.e. between assets and first-degree branches, with the aim of focusing on the bank’s priority in securing the property either for the purpose of housing or to serve any small project.
It is noteworthy that the Savings Bank issued a decision last September to raise the ceiling of development loans for civil and military workers in the state to two million Syrian pounds instead of one million, in accordance with the controls and procedures in force in the executive instructions for low-income loans.
Waseem Al-Adawi
