Economy News – Baghdad
The Real Estate Bank has outlined the requirements for securing loans aimed at purchasing housing units. The monthly installment has been established at 438,000 dinars, with the specifics regarding the repayment period also clarified.
In a recent announcement via its official platform, the Real Estate Bank introduced an electronic application process through the Ur platform. Loan submissions will be accepted in accordance with the available allocations and the bank’s commitments related to residential complexes.
For housing units within residential complexes, applicants must submit their requests directly to the complex administration, aligned with the available allocations and contingent on the bank’s capacity for financial obligations.
In terms of conditions applicable to units outside these complexes, the residential unit must encompass a minimum area of 100 square meters and be backed by a sponsor earning at least twice the monthly installment. The installment set at 438,000 dinars does not bear interest; however, there is a one-time administrative fee of 5%. Additionally, the property will be reserved for the duration of the 20-year loan period.
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