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A government bank announces the regulations for renting residential homes to Iraqis for a period of 10 years

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A government bank announces the regulations for renting residential homes to Iraqis for a period of 10 years

   Time: 12/17/2020 09:40:47 Read: 715 times

(Baghdad: Al Furat News)
Today, Thursday, the (government) Nahrain Islamic Bank announced the issuance of controls for renting residential homes to citizens for a period of 10 years.

The bank stated in a statement that {Al Furat News} received a copy of it that "the controls include a lease period that does not exceed (10) years, and the lessee undertakes to use the leased asset according to the terms of the contract and to maintain it and bear its return to its normal condition in the event that the asset perishes or is damaged due to misuse or shortage.

In the event that the nature of the use changes, the bank’s approval is required.

He added, "The bank has the right to review the rent amount and according to market prices on an annual basis and prove in the contract," noting that

"the tenant is required to pay an amount as a rent allowance for three months in advance of the value of the rental premium specified for the leased asset until the lease contract is completed and all the obligations and commissions owed before receiving the leased property are paid."".

The statement indicated, "The rent is paid at the beginning of each month and until the end of the contract, and the customer pays insurance at a rate of 2.5% of the value of the asset if its value does not exceed (50) million dinars and 5% if the value is more than that and is placed under the item of insurances.

The insurances shall not be returned until the end of the lease contract, and the bank has the right to dispose of them as it deems appropriate after the report of the inspection committee.

The statement explained that "the lessee bears the operational and periodic maintenance of the leased eye at private expense without resulting in a decrease in the rent agreed upon with the bank."

Al-Nahrain Islamic Bank was established in 2012 and is the first Islamic governmental bank, and during 2018, it began granting loans and advances to citizens and employees according to certain mechanisms and controls.

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