Housing Loans Crisis Solved as Ministry Secures Subsidy

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Housing Loans Crisis Solved as Ministry Secures Subsidy

The crisis of housing loans was solved on Wednesday after the Finance Ministry had accepted to provide the funds needed to reactivate subsidized loans.

Banks will consequently resume giving subsidized housing loans after it stopped doing that a couple of months ago given that the funds provided by the central bank for the year 2018 had been depleted.

The solution was approved during a meeting held at the Grand Serail between PM Saad Hariri, Finance Minister Ali Hassan Khalil and Social Affairs Minister Pierre Abu Assi.

Head of the Institute of Public Housing, Rony Lahoud, who also attended the meeting, said that the Finance Ministry will be this time subsidizing loans instead of the central bank, stressing that strict conditions will be set out to control the approval of loans.

"The conditions to get a subsidized housing loan will change, as only people with a limited income will benefit from it. The applicant's monthly income and the area of the house will be subject to a deep scrutiny and strict regulations," Lahoud told Al-Liwaa newspaper.

Source: Kataeb.org