Damascus-SANA
The Board of Directors of the Real Estate Bank, during a meeting held today, took a number of decisions related to its housing loans. The amount granted to the borrower in a loan to purchase or construct a property is distributed over the structure and its completion, amounting to 50 million Syrian pounds between purchase and clothing into two payments, the first being 40 million.
The Director General of the Real Estate Bank, Dr. Madin Ali, confirmed in a statement to SANA’s representative that the aim of distributing the amount of a loan to purchase or construct a property on the structure and complete it in two tranches is to facilitate the purchase and cladding process for borrowers and help them secure housing for them, especially in areas whose real estate prices are commensurate with the current ceilings.
Ali explained that the bank’s board of directors also took a decision to raise the ceiling of the home restoration loan from 6 to 20 million Syrian pounds, and the conditions required for this loan became more flexible and easier than before, in order to facilitate obtaining it and employing the bank’s financial liquidity, indicating that the lending process takes place in accordance with the bank’s operations system and based on Controls in force by the Central Bank of Syria.
For his part, the assistant director of real estate, Akram Darwish, revealed that the board of directors studied a proposal authorizing the bank and its branches to grant a professional loan to self-employed people with a ceiling of one hundred million Syrian pounds, with a real estate guarantee equivalent to 200 percent of the value of the loan.
Darwish pointed out that one of the loan controls is that the property to be purchased and its cladding should be separate and free from any legal or administrative problems and within a safe inhabited area and capable of liquefaction and achieve the guarantee required by the bank, indicating that it is allowed for housing loans to accept loan guarantors from owners of fixed and free incomes in addition to income The borrower, so that the income provided to the borrower and the guarantors covers 40% of the required installment for the loan.
The board of directors of the Real Estate Bank issued decisions on the 14th of last month to raise the ceilings of loans granted by it, as the ceiling of a loan to purchase or establish a ready-made property or not yet completed its construction became 50 million Syrian pounds, and a loan to complete a completed property with a full structure of 25 million Syrian pounds.
Waseem Al-Adawi
