Loans in the amount of IQD 50 million ($42,000) will be paid to Iraqi beneficiary's in two instalments with an interest rate of 2% after a one year grace period from the date of each instalment payment.
Prime Minister Dr. Haider Al-Abadi recently granted approval to issue loans from a housing fund set up by the Iraqi government, approved and allocated by the Iraq Central bank budget of five trillion Iraqi dinars ($4.2 billion). The loans will be allocated to each province while considering the percentage of population (80%) and the degree of poverty level (20%). The loans will be issued with intent for Iraqi citizens to fund construction of homes as well as the purchase of real estate in complexes which also will 'give the right to rebuild housing units because of the devastating terrorist attacks.' The loan will have a term of ten years and will require repayment in equal monthly instalments during a prescribed period.