Title: High-Progress Housing Projects Unlock 650 Million Toman Loans Following Key Government Meeting
Article:
In a significant move to accelerate Iran’s housing sector, a high-level meeting between the Minister of Roads and Urban Development and the Governor of the Central Bank has solidified the path for distributing substantial financial support to near-completion residential projects.
A Boost for Near-Completion Units
The focus of this governmental initiative is a 650 million Toman loan, designated exclusively for supportive housing units that have achieved a physical progress milestone of over 75%. This financial instrument is designed to provide the final push needed to complete these projects, addressing a critical bottleneck in the national housing supply chain.
High-Level Coordination to Overcome Hurdles
The meeting, held at the Central Bank, underscored a unified commitment to ensuring that all 850,000 supportive housing units across the country receive their construction loans. Minister Farzaneh Sadegh emphasized the urgency, specifically calling for the increased loan amount of 650 million Tomans to be applied to new contracts and units that have surpassed the 75% progress threshold.
Of the 850,000 units with active applicants, approximately 300,000 have yet to secure their necessary bank financing, a gap this new directive aims to close promptly.
Banking Sector’s Firm Commitment
Echoing this commitment, Central Bank Governor Mohammadreza Farzin stated that banks are obligated to follow the scheduled timeline for disbursing loans to all 850,000 supportive housing units. To ensure transparency and accountability, a joint committee comprising representatives from both the Central Bank and the Ministry of Roads and Urban Development will be established.
This committee will provide bi-weekly reports on the payment process, identifying any obstacles or potential issues. Governor Farzin confirmed that necessary decisions will be made regarding any banks that have delayed contract finalizations.
Streamlining the Process for Applicants
A key outcome of the meeting is the enhancement of the online monitoring system (“Tam”). The system will now require banks to state a clear reason for rejecting any loan application. This measure is implemented to provide real-time oversight of the payment status and to bring greater transparency to the entire process for all applicants.
This coordinated government action represents a concrete step towards fulfilling housing commitments and stimulating progress within the nation’s construction industry.