Homeseekers exempted from bank advance payment in Algeria

Algeria’s Saving National Fund Bank (CNEP) decided to exempt homeseekers from advance payment as part of a government program promoted by the AADL real-estate body, said the bank general director Wednesday.

• In a radio program, Djamel Besaa said the government lifted up the maximum age required for 100 percent house renting loans from 30 to 35 years old.
• Algeria has a serious housing problem due to the lack of available land for construction, especially in major cities where the demand for housing is greatest.
• The government has pledged to build one million houses by 2009.