Economic Developments – Baghdad
On Friday, the Ministry of Construction, Housing, and Municipalities announced the operational procedures for those approved for housing fund loans, confirming that these approvals will be processed in a staggered manner.
Ministry spokesperson Nabil Al-Saffar provided insights, noting that after applicants complete their submissions on the Ur Electronic platform, the current phase involves auditing these applications. Individuals who are approved will be notified via text messages on their mobile devices. The total number of accepted transactions will be disclosed upon finishing this audit process.
Al-Saffar emphasized that the inclusion of successful applicants for loans will be conducted based on a comparative assessment. He also highlighted the pressing need for additional funding to accommodate the high demand, underlining that these loans are provided interest-free, differentiating the fund from conventional banks. This initiative aims to bolster housing development and assist citizens in constructing their homes, as the fund focuses on public support rather than profit generation. Moreover, it operates on a self-financing model, recycling funds recovered from previous borrowers to benefit new applicants.
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