Banks negotiate to buy LPP houses and re-sell them to Algerians

Private banks submitted a request to the housing ministry to buy public promotional houses (LPP) and re-sell them to Algerians.

Banks described their request as a choice to complete the houses payment at once to the Public Treasury. This would speed up the construction and enable people to get their houses as soon as possible.

Mohamed Seddik Hafid, a member of El Baraka Bank’s board of directors, said a request was submitted to minister Abdelmadjid Teboune. The bank wants to buy a quota of the houses and re-sell them to customers.

“We have submitted a request to the housing ministry and we are waiting for a reply to start the operation. We are ready to buy those houses to re-sell them to people,” he told Echorouk.

He added that El Baraka Bank gives a big importance to real-estate loans and proposes ways for interest-free loans in conformity with the Islamic law.

“A total of 180-billion-centimes real-estate loans will be distributed in 2017,” he said.

This comes as the government plans to achieve the construction of LPP houses.