Iran’s Bank Maskan Unveils “Sepid” Housing Initiative with Exceptional 9% Financing
A new financial scheme from Iran’s Bank Maskan is generating significant discussion. Dubbed the “Sepid” (White) plan, it offers financing for housing and services at a notably low annual profit rate of 9%. However, the program is specifically tailored for a targeted audience, marking a strategic shift from general public lending.
What is the Sepid Plan?
The Sepid plan is a Murabahah facility (a cost-plus financing agreement compliant with Islamic principles) introduced by Bank Maskan. Its primary purpose is to support legal entities—such as corporations, organizations, and syndicates—and, by extension, their employees. The financing is designated for two main areas: housing (including purchase, construction, or renovation) and services (to address other financial needs).
A Strategic Financial Model
A key feature of the Sepid plan is its operational mechanism. Unlike standard public loans aimed at individuals, this initiative is designed for institutional clients. The strategy is straightforward: by encouraging organizations to open primary accounts and, crucially, to use the bank for their corporate payroll (known as subsidiary accounts), Bank Maskan secures a stable and substantial source of deposits.
This influx of capital empowers the bank to then offer financing with a profit rate significantly below typical market levels to those same legal clients and their introduced personnel. This creates a mutually beneficial cycle; legal customers access large-scale, low-cost capital, and the bank strengthens its financial base and sustainability.
Who is Eligible?
Eligibility is clearly defined:
- Primary Beneficiaries: Legal entities, including engineering organizations, bar associations, notary publics, and other corporations that can open accounts and manage their payroll through Bank Maskan.
- Secondary Beneficiaries: Employees introduced by these eligible legal entities. The company must open subsidiary accounts for salary deposits for its staff to qualify them.
Loan Terms and Structure
The Sepid plan offers substantial financial support with favorable terms:
- Loan Ceiling: Legal entities can access financing of up to 2 billion tomans. Introduced employees are eligible for loans of up to 500 million tomans.
- Profit Rate: The annual rate is set at 9%, which is considered highly competitive.
- Repayment Period: The maximum repayment period is 60 months (5 years).
- Monthly Installment Example: For a 500 million toman loan, the estimated monthly installment would be approximately 10.38 million tomans.
The Application Process
Acquiring financing under the Sepid plan requires planning and patience. The process is based on a transparent scoring system calculated daily based on account balances.
- A legal entity must open a primary account at a Bank Maskan branch.
- If seeking loans for employees, the company must also open subsidiary accounts for salary payments.
- A minimum waiting period of two full months after account opening is required before becoming eligible to apply for a facility.
- The scoring system operates over a maximum effective period of 12 months, meaning companies must strategically manage their account balances within this window to accumulate the necessary points.
Advantages and Considerations
The plan offers distinct advantages, including its low, single-digit profit rate, high loan ceilings, and a lengthy repayment period. The transparent scoring system also removes the need for a complex guarantor process.
However, prospective applicants should consider certain requirements. The mandatory two-month waiting period and the 12-month maximum scoring window mean this is not a solution for those requiring immediate funds. It demands careful financial planning from companies to maintain the required account balances over the specified period.
A Focused Tool for Economic Growth
The Sepid plan represents a targeted financial instrument by Bank Maskan. It is designed to bolster institutional clients by providing them and their workforce with access to capital under highly favorable conditions. This initiative supports corporate stability and growth, contributing to broader economic activity within the framework of the nation’s financial policies.