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Iraq mulling extending free-interest housing loans
By Ali Shattab
Azzaman, June 9, 2011
The Ministry of Reconstruction and Housing has drafted a new law under which Iraqis will be entitled to a free-interest loan of 30 million dinars (approx. $30,000) to build their own houses.
There is an acute housing shortage in the country. Millions of new housing units are needed to alleviate the crisis.
But the draft law must be approved by the parliament before it goes into effect and the sum, though substantial in Iraqi terms, will not cover all the costs.
Housing and Reconstruction Minister Mohammed al-Daraji said removing the interest on loans extended for the specific purpose of building new homes will boost the country’s housing sector.
The only condition for getting the free-interest loan is for the person to have a plot of land and a housing construction license.
The minister said banks extending the loan will still get their interest “but it will be covered by the ministry.”
He said his ministry was involved in several housing projects across the country. “We have built 2,280 housing units in the past 100 days,” he said, referring to the time-limit the government had set for the Iraqi ministries to improve their performance.
The ministry has 33 housing projects with 600 housing units each, Daraji said.
The ministry is not the only government department engaged in housing and construction. Several other departments are involved in the construction, namely the country’s provincial authorities.
Daraji urged all Iraqi bodies implementing housing projects to coordinate with his ministry.
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By Ali Shattab
Azzaman, June 9, 2011
The Ministry of Reconstruction and Housing has drafted a new law under which Iraqis will be entitled to a free-interest loan of 30 million dinars (approx. $30,000) to build their own houses.
There is an acute housing shortage in the country. Millions of new housing units are needed to alleviate the crisis.
But the draft law must be approved by the parliament before it goes into effect and the sum, though substantial in Iraqi terms, will not cover all the costs.
Housing and Reconstruction Minister Mohammed al-Daraji said removing the interest on loans extended for the specific purpose of building new homes will boost the country’s housing sector.
The only condition for getting the free-interest loan is for the person to have a plot of land and a housing construction license.
The minister said banks extending the loan will still get their interest “but it will be covered by the ministry.”
He said his ministry was involved in several housing projects across the country. “We have built 2,280 housing units in the past 100 days,” he said, referring to the time-limit the government had set for the Iraqi ministries to improve their performance.
The ministry has 33 housing projects with 600 housing units each, Daraji said.
The ministry is not the only government department engaged in housing and construction. Several other departments are involved in the construction, namely the country’s provincial authorities.
Daraji urged all Iraqi bodies implementing housing projects to coordinate with his ministry.
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