Bank Maskan Paid Construction, Home Loans Worth $430 Million in 8 Months

December 16, 2020
banking

B ank Maskan, the state agent bank of Iran’s housing sector, paid 112,160 billion rials ($430 million) in construction and home loans during the eight months to Nov. 20.

According to Mahmoud Shayan, Bank Maskan’s managing director, of the total sum, 16,288 counts of loans worth 38,820 billion rials ($149.3 million) were paid to builders and 73,255 counts of loans worth 73,340 billion rials ($282.07 million) were doled out to home buyers.

Noting that the number of home deals in Tehran declined by 48% during the month ending Nov. 20 compared with the preceding month, the official said, “The data on the real-estate market for the third quarter of the current fiscal year [Sept. 22-Dec. 20] has yet to be published. However, there is evidence that home deals were on the decline in other cities as well. The month-on-month decline in Bank Maskan facilities for home purchases was only 22% in the month ending Nov. 20, which shows that a large number of people rely on the bank’s loans to purchase a home.”

financialtribune



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