He pointed out that, “The bank relies mainly on the Arab Fund for Social and Economic Development located in Kuwait, and the Lebanese Parliament and the Board of Directors of the Arab Fund had previously given approval for the Arab loan for social and economic development, i.e. what is known as the Kuwaiti loan before the outbreak of protests on October 17, 2019 We hope that implementation will be translated soon.”
He said: “The Housing Bank’s goal is to help people with low and medium incomes, provided that the minimum family income is 6 million Lebanese pounds and the maximum 20 million, that is, the family’s income according to individual workers, accompanied by proof of their monthly wages.”
He pointed out that, “The borrower must provide regular advance income over a period of 3 years, and be Lebanese for more than 10 years, in addition to having a criminal record free of any black point.”
He added, “With regard to a home purchase loan amounting to one billion pounds, to be repaid over 30 years at an interest rate of 4.99%, provided that the area of the house does not exceed 120 meters, and that it is in remote areas and villages, and not in Beirut and its suburbs, with an advance payment equal to 20 % of the loan value, in addition to the fact that each bond should not exceed one third of the family income, i.e. the total salaries of family members.
He continued, “The restoration loan amounts to 400 million Syrian pounds, with an interest rate of 4.99%, to be paid over a period of 10 years, provided that the value of the bond is one-third of the family’s income, that is, if the family’s income is 6 million pounds, the monthly payment will be two million and so forth.”
Habib stressed that, “The Housing Bank signed a protocol with the Lebanese Center for Energy Conservation in the field of solar energy.”
He pointed out that “the loans will start at 75 million pounds and go up to 200 million.”
He believed, “If the value of the loan is 75 million pounds, the monthly payment will be 1,400,000, and if its value is 200 million pounds, the borrower will pay 3 million and 800,000 pounds per month, with the approval of 75% of the owners’ association and the Ministry of Energy, which obliges those wishing to install solar panels to Complies with public safety and environmental requirements.
And the Chairman of the Board of Directors and General Manager of the Housing Bank, Antoine Habib, concluded by saying: “We are working by all means to stop the exodus from the countryside and immigration, and we hope that the Lebanese expatriates will reconsider buying a house or renovating their homes in their village.”