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The Chairman of the Board – General Director of the Housing Bank SAE, Engineer Joseph Sassine, explained that “The Housing Bank, in addition to the loan operations of the bank’s funds in Lebanese pounds to finance the restoration, reconstruction and rehabilitation of homes damaged by the port explosion on August 4, 2020, announces Launch of a very soft loan program in Lebanese pounds dedicated to the purchase, construction or repair of a house.
He said today in a statement: “Since securing a home is the incentive for young people to marry and start a new family, and that housing constitutes the real link between a person and their land, especially in light of the current wave youth migration … As the darkness we live in has worsened and the country slides into the abyss, the Housing Bank announces that it is Aiming to light a spark of light in the dark political tunnel and revive Hope for the future, he decided to allocate the total value of the loan he obtained from the Arab Fund for Economic and Social Development for an amount of 165 million dollars, which currently equates to a line of credit worth about 640 billion pounds to finance long-term loans for both Lebanese residents and workers. Outside of Lebanon, to buy, build or restore a house in accordance with the following conditions:
First: Initiate the launch of the project within maximum limits of 300 million Lebanese pounds for family income not exceeding ten times the minimum wage and 450 million Lebanese pounds for family income that exceeds ten times the minimum wage and does not exceed 15 times that salary, provided that these ceilings are changed to 450 AND 600 million Lebanese pounds later, after the House of Representatives approves it.
Second: set the interest rate on loans at 4.5 percent per year.
Third: Determine the maximum period to repay these loans in 30 years.
Sassine added: “The Housing Bank has managed in recent years to build ties of credibility and transparency with the Arab Fund, which qualified it to obtain the aforementioned loan, which is the third of its kind and not the last, provided by the Arab Fund for Economic and Social Development to the Housing Bank “.
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