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Al-Nahrain Bank announces the controls of financing the residential home ownership project

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Al-Nahrain Bank announces the controls of financing the residential home ownership project

Economy News _ Baghdad

The government, Al-Nahrain Islamic Bank, announced, on Sunday, the controls for financing the residential home ownership project.

The bank said in a statement received by "Al-Eqtisad News", that "the controls for financing the lease-to-own project include the maximum financing amount of 150 million Iraqi dinars, and what is more than that is paid in advance to the bank from the customer as trust guarantees that are considered as an advance payment upon completion of the contract," indicating that

"The profit rate (interest) will be 4% annually, and the rental period for the asset is up to a maximum of 15 years. Estimating the period is left to the Grants Committee for each case, and the rent allowance is paid monthly, indicating that the bank has the right to determine the value of the asset to be leased.

The statement added that "the lessee bears the cost in addition to the profits, and the cost is the value of purchasing the asset plus all the expenses that the bank bears until leasing it, such as semester wages, property transfer fees and lawyers' fees," noting that

"the basic maintenance is borne by the bank and the maintenance resulting from consumption or use shall be borne by it." Beneficiary (lessor)."

He pointed out that "the lessee may lease the property to a third party - subletting - after the approval of the lessor. Here, the first tenant bears full responsibility for what may happen to the leased property in terms of damage from the new tenant, and the lessor may receive an advance payment to ensure the completion of the lease contract and in the event of non-completion."

The contract is due to the client’s desire, so an amount equivalent to the value of the damage (if any) that has befallen the bank is deducted from the advance payment, and the rent is due to the lessor for the length of the contract’s validity period.

He continued, "The contract must specify (obligations and rights) for both the lessor and the lessee towards the leased property, such as periodic maintenance or repair of faults (obligations and rights). The bank can acquire a certain property based on the desire of its customer and then lease it."

Number of observations 167   Date of addendum 08/16/2020

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