Iraq’s Mortgage Bank raises personal credit for house building by each citizen to 60 million Iraqi dinars.

BAGHDAD / IraqiNews.com – Iraq ’s Mortgage Bank has decided to raise the personal credit, granted for any citizen planning to build a house, to 60 million Iraqi dinars (US$53,000 approx), the Bank’s Director-General, Hussein Ahmed Tu’ma said on Wednesday.   “The Mortgage Bank has laid plans to activate the process of crediting, through raising the credit to double, i.e. from 30 million dinars to 60 millions, with keeping the percentage of interest on citizens at 2% of the total credit and with the same crediting period,” Tu’ma told the semi-official Al-Sabah newspaper.   He said that the total area of each patch of land would be decreased to 90 square meters , instead of 100 meters as minimum, adding that the Finance Ministry plans to increase the Mortgage Bank’s capital to 75 billion (b) dinars, as the first stage and to 150 billions (b), next year.   ST / SKH