From housing construction savings fund account From housing construction savings fund account

Loan facilities for IRR 300,000,000 for construction or completion of residential units through housing construction savings fund:

Maximum amount of loan facilities: IRR 300,000,000

Maximum amount of deposit: IRR 150,000,000 (for two periods of six months each (one year);

Minimum amount of deposit: IRR 43,000,000 (for seven waiting periods of six months each (3.5 years);

Interest rate of loan facilities during partnership periods: 17%

Interest rate of sale by installments: 11%

Refund period: Maximum 12 years;

Refund method of installments: Annual and periodic simple and stepwise method;

Loan facilities for house construction are paid in form of the aforesaid plan within the framework of the following items:

  • Payment of loan facilities with deposit for construction on individual basis to the accountholders of housing construction savings fund for construction of one residential unit (detached house) or one unit of residential building complex of which the said unit belongs to the accountholder;
  • Payment of loan facilities with deposit for construction of building complexes as many as the units of the corresponding complex is pending on opening housing construction savings fund account for the said units and in the name of the building complex developer for each unit separately.
  • Payment of the aforesaid loan facilities in each residential unit is possible for maximum 80% of construction costs of project up to IRR 300,000,000.00.
  • Maximum period of partnership, in consideration of regional geographical location, construction materials used, costs arising from construction, number of units and the ones is fixed according to the appraiser’s comment. Recipient of loan facilities should refer to the bank after accomplishment of the project for cash settlement or installment of partnership loan facilities (sale by installments). Otherwise, he will be liable for delay fine accordingly.
  • Transfer of housing construction savings fund account to close relatives is possible.

 

Conditions for installments of the proportional share:

1-In the event that buyers of the housing unit are among close relatives of building complex developer (parents,children, spouse, sisters and brothers, grandparents and grandchildren), the proportional share of each unit up to IRR 350,000,000 (IRR 250,000,000 as principal amount of proportional share plus

interest of partnership period up to IRR 50,000,000) and payment of the differential amount of loan facilities is installed only in form of sale by installments, purchase through preferred securities provided that total loan facilities of sale by installments does not exceed IRR 350,000,000.00.

 

2-It is possible to transfer the proportional share of the bank to the buyers of the residential unit in form of loan facilities for individual and building complex developers if the buyer has an housing savings fund account equivalent of point of the account for maximum IRR 250,000,000 and if the applicant

is willing to use the maximum amount of sale by installments (IRR 350,000,000) and sale by installments of the remaining amount up to the aforesaid  maximum amount is made in return for preferred securities provided that total of loan facilities of sale by installments described above shall not exceed IRR

350,000,000.00.

 

3-For the rest of buyers without housing savings fund account, it is possible to provide maximum IRR 180,000,000 at exchange contracts’ rate of loan facilities without deposit up to IRR 170,000,000 (IRR 70,000,000 arising from partnership loan facilities + IRR 100,000,000 through loan facilities for

house purchase) in return for preferred securities provided that the total of loan facilities of sale by installments does not exceed IRR 350,000,000.00 totally amounting to IRR 350,000,000 at most.

 

Interest rate of sale by installments:

Interest rate of loan facilities of sale by installments from civil partnership is fixed according to the approval of Monetary and Credit Council.

Refund period of loan facilities through housing savings fund and preferred securities will be fixed according to current regulations and refund period of loan facilities without deposit will be fixed according to annual credit policies of the bank.

Beneficiaries of loan facilities with deposit in form of the aforesaid plan are not subject to limitation in reuse of the loan facilities  of the bank with deposit. However, sale by installments for the said loan facilities is pending on fulfillment of requirements for reuse of loan facilities of the bank with  deposit.

 

Jointly loan facilities with deposit plus preferred securities

Further to loan facilities for IRR 300,000,000, it is possible to use maximum amount of loan facilities for IRR 600,000,000 in city of Tehran, IRR 500,000,000 in city centers of other provinces and cities of which population is above 200,000 persons and IRR 400,000,000 in other urban regions by provision and purchase of preferred securities for construction or completion of a residential unit. Interest rate of loan facilities through preferred securities during civil partnership periods equals to 17.5% and during sale by installments, it is given as 17.5% respectively. Refund period of the said loan facilities is given as maximum 12 months. Refund of installments of loan facilities is possible in one of three methods of simple and stepwise, annual and periodic.

 

Conditions of property:

The property shall meet one of the following requirements:

  1. It should have a title deed.
  2. It should have a transfer contract with National Lands and Housing Organization.
  3. The endowed land should have a lease contract.
  4. The property should be separated.

The corresponding documents for receipt of construction loan facilities (Civil Partnership):

The corresponding documents needed by natural and legal persons for filing in order to benefit from housing construction loan facilities:

Real Entities:

  1. Original copies and photocopies of title deeds (all pages);
  2. Original copies and photocopies of owners’ ID Cards and National ID Cards (all pages);
  3. Original copy and photocopy of bill of sale (as the case may require and at discretion of bank branch);
  4. Original copies and photocopies of all architectural drawings confirmed by the corresponding municipality (sealed by the municipality);
  5.  Original copies and photocopies of all building permits including permit, non-violation and the ones;
  6. Structural drawings (with respect to the projects with more than one unit);
  7. Obtaining elevator contract if any; 
  8. Inquiries for loan facilities and bounced checks concerning current accountholders;
  9. Photocopies of acceptable costs (municipal charges and utility bills);
  10. Completion of sample forms;

 

 

Note: In case of completion of the aforesaid documents and confirmation of all particulars by the corresponding branch, the required time for submission of draft to the notary public is given at least 28 working days.

 

Legal entities:

  1. Original copies and photocopies of the company’s articles of association (construction operation should be inserted in the company’s objectives);
  2. Original copy and photocopy of the company notice of registration (the least period for activity of the company should be one year as of date of registration);
  3. Original copies and photocopies of the company’s notices of changes;
  4. Submission of Economic Code and National Identifier of the company;
  5. Original copies and photocopies of the ID cards and National ID Cards of members of board of directors, shareholders (10% and more) and authorized signatories of the company;
  6. Original copies and photocopies of title deeds;
  7. Original copies and photocopies of building permits such as permit, non-violation and the ones;
  8. Original copy and photocopy of the bill of sale (as the case may require and at discretion of branch);
  9. Photocopies of acceptable costs (municipal charges and utility bills);
  10. Original copies and photocopies of architectural drawings confirmed by the corresponding municipality (sealed by the municipality);
  11. Structural drawings (with respect to the projects with more than one unit);
  12. Obtaining elevator contract (if any);
  13. Tax declaration and audited financial statements by an independent auditor for the recent three years;
  14. List of members sealed by Cooperatives General Department (regarding housing cooperative);
  15. Completion of sample forms;

 

Note 1- It is obligatory to have no record of bounced checks and matured loan facilities which had become due.

Note 2- Submission of the aforesaid document is made for review of application for loan facilities. No obligation is created on the part of the bank for granting the loan facilities until appraisal of property and confirmation of the corresponding documents by the bank branch.

Note: In case of completion of the aforesaid documents and confirmation of all particulars by the corresponding branch, the required time for submission of draft to the notary public is given as at least 28 working days.

Modified Date1398/5/17- 9:21