Banks to finance former beneficiaries to acquire houses

Citizens who have benefitted in the past from loans to acquire houses can pretend to benefit from another credit with a low-rate interest which varies between 1to 3% provided that the beneficiaries have finished with the payment of their debts to the banks and financial institutions.

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• M Djamel Besaa has indicated that 1 to 3% credits should be dedicated to acquire promotional houses where the beneficiaries are excluded from the authorities’ financial help which estimated between 40 to 70 thousand Algerian Dinars.
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• Credits for individual houses to be launched soon
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• Echourok’s guest has further indicated that his bank is about to finance a program dedicated to young people under 35 which consist in financing individual houses with usual rates ranging from 5 to 6 % to be paid over 40 years.
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• M Besaa has revealed that his bank has allocated 18000 loans with a total value of 18 billion Dinars mostly for young people under 35 adding that the rate has increased by 22 times over the first quarter of the current year in comparison with the last year’s same period.
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• Foreign banks are concerned by the real estates’ loans
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• The chairman of the Professional Banks Association has indicated that the foreign banks which subscribed to this association are concerned by this operation and can participate at the financing of this program provided that they respect the rates fixed by the Algerian authorities, that is to say between 1 to 3%.
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• He has indicated that foreign banks are governed by the Algerian legislation and there is no difference between the public and private sector. As to worries raised by some who fear of an eventual take over of the Algerian real estate by foreign financial institutions operating in Algeria, he replied” The mortgage remains in Algeria and couldn’t be transferred abroad as long as these banks abide by the Algerian legislation”.