From first house buyer savings fund From first house buyer savings fund

Directive for First house buyer Savings Fund Account:

First house buyer savings fund account is opened for provision of grounds for granting loan facilities in order to purchase and to construct residential units.

Maximum amount of loan facilities: In city of Tehran:  IRR 800,000,000

In metropolises of which population is above 200,000 persons: IRR 600,000,000

Other city regions: IRR 400,000,000

Interest rate of facilities: 8%

Interest rate of partnership periods: 8%

Primary minimum waiting period: 12 months;

Refund period: Maximum 12 months;

Refund method: Annual and periodic simple stepwise method;

Note 1- Accountholders of First house buyer savings fund are able to benefit from the maximum amount of loan facilities with deposit subject of this plan after passage of at least 12 months (two periods) as of opening date of their account in accordance with the necessary average of balances. Hence, in case the depositors are willing to benefit from loan facilities in city of Tehran for IRR 800,000,000, they should deposit IRR 400,000,000, in the cities of which population is above 200,000 persons and for loan facilities of IRR 600,000,000, they should deposit IRR 300,000,000 and in other cities for loan facilities of IRR 400,000,000, the depositors should deposit IRR 20,000,000 for one year in the First house buyer savings fund account.

Table of maximum loan facilities through First house buyer Saving Fund Account and waiting period (Figures are given in Million Rials):

Location where the property is situated

Minimum amount

for account opening

Minimum waiting period

(month)

Equality coefficients

Maximum equality coefficients

Minimum average balance of each period separately

Maximum amount of loan facilities

Maximum refund period

Annual interest rate

Tehran

(Account code 8368)

IRR 67,000,000

12

Six months (once)

6 periods

135,000,000

800

144 months

8%

Cities of which population is above 200,000 persons (account code 8369)

12

Six months (once)

6 periods

100,000,000

600

144 months

8%

Other urban regions (account code 8367)

12

6 months (once)

6 periods

100,000,000

600

144 months

8%

 

Interest rates of loan facilities in exchange and partnership contracts through First house buyer Savings Fund:

No.

Description

Interest rate of loan facilities

1

Civil partnership loan facilities and housing sale by installments (purchase-transfer of proportional share) through First house buyer saving fund account- in worn-out and inefficient urban textures- those who purchase housing for the first time;

6%

2

Civil partnership loan facilities and housing sale by installments (purchase and transfer of proportional share) through First house buyer saving fund account in worn-out and inefficient urban textures except for those who purchase housing for the first time; 

8%

3

Civil partnership loan facilities and sale of housing by installments (purchase and transfer of proportional share) through First house buyer saving fund account beyond worn-out and inefficient urban textures

8%

4

Civil partnership loan facilities through First house buyer saving fund account of mass developers for construction in worn-out textures

8%

 

  1. 1-Interest rate of loan facilities given in above table refers to the loan facilities contracts that are concluded from May 9, 2018 onward (final registration of contract). It should be noted that  in civil partnership loan facilities and housing purchase contracts registered at notaries public, registration date of the contract at the notary public office and regarding the contracts which have been drawn up internally (such as contracts of sale by installments from proportional share either gradual or final), conclusion and registration date of contract will be regarded as base for action at bank, due date and maturity date of refund of installments will be fixed based on the said dates accordingly. Moreover, for the contracts of which drafts have been submitted to the notaries public but the corresponding contract has not been registered at the notary public office, the draft will be returned and new calculations will be made according to the same rates indicated in this circular to be submitted to the notaries public.
  2.  
  3. 2-Considering the 2-percent discount in the interest rate of loan facilities through First house buyer savings fund, the depositors who purchase housing for the first time, regarding worn-out and inefficient urban textures, applying discount in interest rate of loan facilities requires that the applicant be  time applying for purchase of housing for the first time and simultaneously  a written request will be made from the Iranian Urban Civil Development and Improvement Holding Company (General Department of Road and Urban Development of Provinces as agent) and/or municipalities confirming the location of property in worn-out and inefficient urban textures archived in loan facilities file as one of the main documents. It is emphasized that further to assurance about location of the property in worn-out texture, upon inquiry and reply to the said inquiry from one of the said competent authorities and review and confirmation of particulars of the bank’s appraiser, it is necessary for the applicant use the said facilities for the first time (at least 18 years old with an independent income, no use of loan facilities of Bank Maskan and other banks for purchase and construction of residential unit, transfer of proportional share or repair of the residential unit and no use of governmental facilities for housing) for payment of loan facilities of First house buyer savings fund with an interest rate of 6% (applying discount in interest rate).

 

Conditions of property:

No lapse of time over 15 years from issuance date of building permit and meeting the necessary requirements and conditions (such as full observance of Bylaw 2800 and confirming of building strength according to other similar loan facilities);

Property appraisal: 80% of appraised price of property by the bank expert will suffice the amount of loan facilities.

 

Eligible applicants (the applicants who use the loan facilities for the first time):

  1. The applicant, married or single, should be 18 years old with an independent income.
  2. As of Oct. 23, 2018, granting loan facilities of First house buyer savings fun to married persons either individual loan facilities or spousal loan facilities are granted provided that the recipients of loan facilities and their spouse should use from such facilities for the first time (From Oct. 23, 2018 onward).
  3. The applicant and his/her spouse should have not used the governmental facilities for housing. Inquiry of form C from Ministry of Roads and Urban Development confirming that the applicant has not benefited from governmental facilities such as lands, houses, subsidy facilities and the ones (from Oct. 23, 2018 onward).
  4. The applicant and his/her spouse should not have used the loan facilities of Bank Maskan and other banks for purchase and construction of residential units, transfer of proportional share or repair of the residential unit (From Oct. 23, 2018 onward).
  5. Granting loan facilities First house buyer savings fund to single persons, the widows, divorcers or divorcees provided that they have independent income, is free of impediment. Regarding these individuals, the recipient of loan facilities should use the loan facilities for the first time and inquiry for the name of the recipient of loan facilities is not required either (From Oct. 23, 2018 onward).

Note 1- This circular is applicable for the accounts of First house buyer savings fund which have been opened from Oct. 23, 2018 onward.

Note 2- Regarding the accounts opened before Oct. 23, 2018, then regulations of opening date of the said accounts shall govern. Granting loan facilities of First house buyer savings fund relied on the accounts opened before the aforesaid date is free of impediment provided that the applicant of the loan facilities is using the facilities of First house buyer savings fund for the first time without any demand for the applicant’s spouse to benefit from such facilities for the first time.

Note 1- Accountholders who withdraw from receipt of the loan facilities (or they are not subject to receipt of such facilities according to regulations), at time of cancellation of their account they will benefit from an interest equivalent of that of the corresponding ordinary short-term deposits (presently given as 10%).

Note 2- In case the accountholder of First house buyer savings fund is not eligible to benefit from the loan facilities for the applicants who are benefiting from such facilities for the first time, they are entitled to the loan benefits of housing savings fund account (purchase and construction of a residential unit) up to the same maximums as indicated in ordinary housing savings fund account.

 

Payment of loan facilities with undertaken accounts

In case the undertaken accounts comprise housing savings fund, housing development and housing savings account for the youth (after being converted to fund account) opened before June 6, 2014 and average amount of balance of periods met the requirements of Yekom savings fund account, it is required to open First house buyer savings fund account for six months and then consolidation will be made.

(Undertaken accounts including housing savings fund, housing construction fund, and housing savings account for the youth may be consolidated according to bank rules and regulations).

 

Payment of loan facilities with preferred securities:

Using the maximum loan facilities of First house buyer savings jointly with types of previous housing undertaken accounts (including housing savings fund account and housing construction fund) and preferred securities, it is possible to use housing loan facilities.

Jointly payment of loan facilities with preferred securities in Tehran amounts up to IRR 800,000,000, IRR 600,000,000 in the cities of which population is above 200,000 individuals and IRR 400,000,000 in other city regions.

Note: Concerning the aforesaid payment, the share of loan facilities is made through preferred securities according to the same maximums as designated in the loan facilities of preferred securities.

Note 2- In case of using loan facilities in form of construction, the share of recipient/s of loan facilities is one independent unit.

In case payment of loan facilities is made in form of civil partnership and during of civil partnership (partnership and delay periods after partnership) exceeds 12 months, refund period of the loan facilities for sale by installments arising from the proportional share will be fixed by including additional period to 12 months for maximum 144 months.

 

5- Other conditions and criteria:

1-No interest shall be paid to the deposit of First house buyer savings fund (unless in case of cancellation of account and withdrawal from receipt of loan facilities).

 

2-Recipient  of the loan facilities  should be capable of payment of installments and this case should be properly confirmed by the branch in any expedient way (employment certificate, salary slip, bank turnover and the ones).

 

3-Accountholders of First house buyer savings fund accounts may open an account only with their close relatives (parents,childern, spouses, sisters and brothers, grandchildren, grandparents) or request for transfer of their account.

 

4-Transfer of First house buyer savings fund account to other city regions to benefit from loan facilities for purchase or construction of houses shall be possible by observing the least maximums indicated in the corresponding region where the primary account is opened or in the region where the loan facilities are used (each that is less) according to the regulations of housing savings fund accounts.

 

5-Any revision in criteria and loan facilities of these accounts approved and notified by the Monetary and Credit Council and the Central Bank shall be accepted by the depositor.

 

6-Any individual is authorized to benefit from one loan facilities in form of First house buyer savings fund.

 

7-For assurance about the fact that the applicant for loan facilities meets the requirements for benefiting from the loan facilities, it is obligatory to make an inquiry from information systems of National Lands and Housing Organization for the applicant and inquiry from information system of Bank Maskan and Central Bank for the applicant at time of using the loan facilities.  

 

8-Depositing and payment of loan facilities through the previous housing undertaken accounts and up to the same maximums set before according to the same regulations shall be in effect as before.

 

9-Refund of loan facilities will be made in simple or stepwise form (annual and periodic) at the written request made by the recipient of loan facilities.

 

10-Payment of loan facilities subject of First house buyer savings fund is only possible in urban regions and it is not possible beyond the limits of city services.

 

11-Granting loan facilities in form of contract of reward to the recipients of loan facilities for purchase of house for the first time shall be possible according to the corresponding rules and regulations through priority certificate securities for benefiting from housing facilities or other kinds of housing savings funds.

 

12-Granting first house buyers facilities to the  foreign nationals is not possible.

 

13-Other rules and criteria for benefiting from the said facilities shall be according to the internal instructions and bylaws of the Bank with respect to types of housing savings accounts

 

Modified Date1398/5/16- 13:26