Maximum amount of loan facilities:
In Tehran: IRR 20,000,000,000.00;
In city centers of other provinces and the cities of which population is more than 200000 persons: IRR 16,000,000,000.00;
In other city regions: IRR 12,000,000,000
Interest rate of partnership period: 17.5%
Interest rate of period of sale by installments: IRR 17.5%
Refund period: Maximum 12 years;
Refund method of installments: Annual simple and stepwise and periodic method;
Procedure for purchase of bonds: Referring to one of the branches of Bank Maskan and/or one of the branches of Farabourse brokerage agencies;
Refer to http://www.irfarabourse.com for information about the last price of bonds.
- Maximum period for refund of loan facilities for sale by installments from proportional share of preferred bonds in such case as period of individual partnership does not exceeds 12 months and that of group partnership and housing cooperative companies does not exceed 18 months excluding partnership periods, is given as 12 years.
- In such case as period of individual partnership period exceeds 12 months and that of group partnership and housing cooperative companies exceeds 18 months, the maximum period for refund of loan facilities for sale by installments of the Bank, including additional period of 12 or 18 months (on monthly counting basis) is given as maximum 12 months.
- In case of the request made by the partner, the proportional share of the Bank may be divided into the residential units of the property subject of partnership and transferred through sale by installments provided that the principal amount of proportional share of the Bank does not exceed IRR 600,000,000 in city of Tehran, IRR 500,000,000 in city centers of other provinces and cities of which population is more than 200,000 persons and IRR 400,000,000 in other city regions together with the corresponding interest thereto on each unit.
- Payment of the differential amount of loan facilities for sale by installments from civil partnership facilities is possible through securities up to revised maximums (total of principal amount and interest) in form of loan facilities for purchase of housing by submission of preferred securities.
- Fixing total executive cost of project by considering the corresponding building construction cost and other acceptable expenses (obtaining the permit, preparing the drawings and the ones);
- The corresponding costs to obtaining building completion permit, separation proceedings, and non-violation certificate are borne by the partner and will be excluded from total executive cost of project.
- Maximum amount of payable loan facilities equals to 80% total executive cost of project.
- Gradual payment of the proportional share of bank;
- Payment of the proportional share of Bank is made at two stages at least: First Stage: Upon fulfillment of at least 20% physical progress of building and based on 80% expenses paid in the project provided that the said amount shall not exceed 50% total loan facilities. Next stages will be fulfilled for maximum 80% expenses paid for the project provided that the amounts received in last periods have been paid in the project by the partner.
Conditions of property:
One of the following conditions should be met:
- Having a title deed;
- Having contract for transfer signed by National Lands and Housing Organization;
- The endowed land has a lease contract.
- The property should be divided.
For partnership with construction on leased lands, the lessor or endowment organization of the custodian in specific endowment should give his agreement to conclusion of civil partnership contract and accept the ownership of bank in proportion of fixed percentage. In case the lessee violates the conditions of lease contract or civil partnership contract, each should accept the bank as substitute of the lessee.
Loan facilities for construction of residential units through preferred securities jointly with undertaken accounts:
Maximum amount of payable loan facilities for construction of each residential unit through preferred securities jointly with housing saving fund accounts, the corresponding housing construction and saving fund for the youth in city of Tehran is given as IRR 600,000,000, in city centers of other provinces and the cities of which population is above 200,000 persons, the said amount is given as IRR 500,000,000 and in other city regions as IRR 400,000,000 respectively.
Note 1- Installment of the Bank’s claims including principal amount and interest of partnership periods conforms to the corresponding criteria stipulated in any kind of the loan facilities.
Note 2- Maximum period for refund of loan facilities for sale by installments from the proportional share of the bank through types of undertaken accounts (accounts of housing saving fund and housing construction saving fund (developer and his close relatives) in such cases as total of periods of civil partnership and delay period after partnership (as of maturity date of civil partnership contract to conclusion date of an internal contract for sale by installments) in loan facilities of individual civil partnership does not exceed 12 months, and that of housing cooperative companies does not exceed 18 months, is given as 12 years (excluding construction periods) and for housing saving account for the youth is given as 20 years.
If total of civil partnership periods and delay period after partnership exceeds the said periods, refund period including additional period of 12 and 18 months (as the case may require) is given as maximum 12 years and for housing saving account of the youth, it is given as maximum 20 years.
- From first house(Maskan Yekom) buyer savings fund
- From Preferred securities
- From Youth Housing Savings Account
- Housing Savings Fund Account