Title: New 400 Million Toman Housing Initiative Launched for Low-Income Rural Families
In a significant move to bolster rural housing and support low-income citizens, a new phase of the rural construction support plan has been announced, offering substantial financial assistance to eligible households.
Expanded Financial Support for Home Construction
The Deputy for Rural Reconstruction and Housing of the Housing Foundation announced that income deciles one to three can now benefit from a 400 million Toman loan. This financial package features a low 5% service fee and an extended 20-year repayment period, making home ownership a more attainable goal for many families.
A Long-Standing Commitment to Rural Development
Officials highlighted that this initiative is part of a enduring national program that began in 2004. While the initial loan ceiling was 5 million Tomans, covering about 70% of construction costs at the time, the amount has been progressively increased to keep pace with modern economic realities. The current 400 million Toman loan is designed to cover approximately 55 to 60% of today’s building expenses.
Comprehensive Support System
The program is structured to provide a multi-faceted support system for the most vulnerable segments of society. In addition to the bank facilities, non-repayable grants are also allocated through supportive institutions. These include the Mostazafan Foundation, the Imam Khomeini Relief Foundation, and the State Welfare Organization, ensuring a comprehensive safety net for applicants.
To further ease the financial burden, a significant portion of the required personal equity for construction can be covered by these grants for families who are unable to secure it themselves. This measure is specifically designed to ensure that all citizens, including the most economically vulnerable, have access to safe, resilient, and sustainable housing.
Implementation Timeline
The new loan allocations for the current and upcoming year are scheduled to be operationalized in the fourth quarter, following final approval by the Cabinet. This initiative is evaluated as a key component of the country’s housing development program, aimed at enhancing the resilience of rural communities and improving the living conditions for rural residents.