FINANCIAL NEWS

Lebenese house loans increase 50%

01 Jan 2011

(MENAFN) The Lebanese minister of social affairs Salim Sayegh said that the Public Institution for Housing approved raising housing loans it offers by fifty percent, thus raising the ceiling of borrowing from $120,000 to $133.666 reported the Daily Star.

The minister said that this modification comes to help lebanese citizens catch up with the increasing prices of of real estate in the country. This comes as a part of a bigger plan where the coutry is trying to rduce Lebanese immigration as well as enhance political and security conditions.

The minister added that new loans ceiling allows middle-income families to afford houses as real estate prices increased by 25 percent per year over the last five years.

It is worth noting that loans offered by the institute are subsided by commercial banks and the borrower must be able to pay 10 percent of the price of the apartment.

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