Estate agencies loans' rate lowered by 2%
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Government intends, at the beginning of January 2015, to require banks and financial institutions to reduce the interest rate on loans that are destined for the benefit of real estate agencies that are operating in 24 Wilayas of the republic, while the public treasury will pay the difference in the discount rate that is estimated to 2%, in a new picture of a mechanism to support the housing program.
Echorouk government’s sources said the Finance Ministry has received a green light from the executive branch, to send an official correspondence to all financial and banking institutions, by mid-December, informing them of the decision of allowing the Public Treasury to take charge in the range of 2% of the interest on loans that were granted by banks and financial institutions for the benefit of real estate agencies which are operating in the south and the high plateaus, and that were directed to acquire lands which were prepared to re-assign them to accomplish houses in the self-construction form, as these reductions should be reflected on the price of lands that are allocated for self-construction completion.
Decision to reduce interest rates on loans that were destined for Real Estate Agencies that are active in the southern states and the high plateaus, as the public treasury pays the difference of interest on the product that is provided by the banking institutions that aims to reduce the price per square meter of land, that will form the residential units, where the works have been frozen out for years, after they have long been manipulated, and established to convert the state territories, and attack the agricultural property under the guise of creating residential units and real estate cooperatives.