Parliament's task to banks to help boost housing
The deputies of the Islamic Consultative Assembly obliged the banks in their resolutions to help the prosperity of this sector by providing housing facilities.
According to the International Stone Exhibition of Iran, during the review of the details of the housing production and prosperity plan in a public session this morning (Monday), the members of the Islamic Consultative Assembly approved Article 4 of the plan, according to which banks and non-bank credit institutions They are required to allocate at least 40% of the remaining changes in payment facilities in each fiscal year to the housing sector at the interest rate approved by the Monetary and Credit Council. In the first year of implementation of the law, the facilities for the units subject to this law shall not be less than one million and six hundred thousand billion Rials, and for the coming years, the minimum facilities shall be increased by increasing the above percentage in accordance with the annual inflation rate.
Pursuant to Note 1 of this Article, specialized banks are excluded from the provisions of this Article at the discretion of the Central Bank, with the exception of the Housing Bank.
According to Note 2, the above facilities are paid based on the annual housing needs in the plans and programs announced by the Ministry of Roads and Urban Development. In case of combining the resources of Bank Amel with the resources of National Housing Fund, the interest rate of the facility is calculated based on the ratio of the share of resources of National Housing Fund with Bank Amel and based on the interest rate approved by the Monetary and Credit Council.
According to Note 3, the facilities related to the construction of units of this law will be converted into installment sales after the participation period and its obligations will be transferred to the buyer. The total period of participation and installment sales is twenty years. If the increase in the length of the construction period is due to the negligence of the builder, the profit of the participation period of the increased period is the responsibility of the builder with the approval of the Ministry of Roads and Urban Development.
According to Note 4, banks and credit institutions are allowed to issue mortgage bonds within the framework of Central Bank regulations in case of payment of the facilities subject to this Article.
According to Note 5, in case of non-compliance with the subject of this Article, the Tax Affairs Organization is obliged to collect a tax equal to twenty percent (20%) of the unfulfilled obligation from banks and credit institutions and deposit it in the Treasury of the whole country. The finding is considered and deposited in the account of the National Housing Fund.
* ISNA
