Ministry of Housing Details Loan Application Schedule, Cites Demand, Eyes New Batch by Year-End
The Ministry of Construction, Housing, and Public Municipalities has announced the schedule for completing electronic housing loan applications for the remaining governorates, as part of an ongoing plan launched last Sunday. Ministry spokesperson, Nabil Al-Saffar, clarified that the application process began on Sunday, August 23, at 10:00 AM, covering Baghdad, Najaf, Saladin, Kirkuk, Anbar, and Nineveh governorates. This was followed the next day by applications for Karbala, Babil, and Dhi Qar. Applications resumed on Wednesday, August 26, for Maysan, Muthanna, and Wasit, following the Prophet's Birthday holiday, and are set to conclude on Thursday, August 27, for Basra, Diwaniyah, and Diyala governorates. Al-Saffar stated that the target number of borrowers for this year exceeds 10,000. He noted that these loans are financed by funds repaid by previous borrowers, as the fund operates on a self-financing system. He further explained that while loans are granted within one year, their repayment extends over 15 years, making the financial cycle for fund recovery a lengthy process. Regarding the rapid depletion of quotas in some governorates and applications lasting only minutes, the spokesperson indicated significant public demand due to the interest-free nature of the loans. He elaborated that the available funds and liquidity within the fund are insufficient to meet the increasing demand, necessitating government support to allocate additional amounts to include a wider segment of citizens. Al-Saffar affirmed the fund's intention to launch another loan batch by the end of the current year, provided that necessary allocations are available and the country's financial situation stabilizes. Al-Saffar also highlighted that application conditions are open to all citizens aged between 18 and 65, in accordance with Iraqi Housing Fund Law No. 32 of 2011. The loan is specifically granted for construction purposes for an area not less than 100 square meters, or for adding construction with an area not less than 65 square meters.
