Lebanese Citizens to Obtain Housing Loans in US Dollars Under New Government Decision

Caretaker Prime Minister Najib Mikati, Chairman of the Board of Directors, received the General Manager of the Housing Bank, Antoine Habib, and a member of the Board of Directors, Tawfiq Naji.

After the meeting, Habib said: “We bleed to you good news. President Mikati informed us that the Council of Ministers, in its session held on 26-5-23, took a decision to amend the appendix to the loan agreement from the Arab Fund for Economic and Social Development signed on 11/26/2019, between the Bank of Housing and the Arab Fund through the Council for Development and Reconstruction, and this amendment requires adjusting the currency of the loan, which will be in US dollars instead of Lebanese pounds, due to the deterioration of the exchange rate.

And he announced that “the Lebanese will be able to obtain a loan of $40,000 for people with limited incomes and $50,000 for people with middle-income, on the basis that they do not have any housing in their name on all Lebanese lands, provided that the area of ​​the property is not more than 150 square meters, and that they are not beneficiaries.” than any other loan.

He added, “The mechanism will pass through the Banque du Liban, as well as the Council for Development and Reconstruction, and we met with Governor Riad Salameh, who gave us initial approval to receive loans from the Arab Fund to the Banque du Liban in US dollars, or to convert them from Kuwaiti dinars to US dollars, as well as obtaining initial approval.” From the Council for Development and Reconstruction, which will write within two days to the Arab Fund to put it in the atmosphere of the decision taken by the government.

Habib thanked “His Excellency President Mikati and all the ministers who ratified the decision. He also thanked the Secretary-General of the Council of Ministers, Judge Mahmoud Makiya, who cooperated with us to the maximum extent in order to issue this decision with the necessary speed, as the atmosphere indicated that some funds that financed some projects and others did not.” Loans are used in them, some of them could have been cancelled.

He continued, “This loan signed in 2019 between the Arab Fund and the Housing Bank is confirmed and will flow as soon as possible, noting that there will be a platform through which any Lebanese citizen can fill out the conditions from his home, and if he fulfills all the conditions and obtains all the documents, then he can get the loan.” without any interference from anyone.

Habib said: “From here we assure the Lebanese people that soon they will be able to enter the platform to view the conditions, and in my opinion it is from now until three months, and after obtaining the approval of the Board of Directors of the Housing Bank and the written approval of the Arab Fund and signing the agreement with the Banque du Liban, this loan He will see the light, and his country has handed over the government’s decision so that we can inform it to the Lebanese people.”

He pointed out that, “There are about five thousand families, God willing, that will benefit from this loan, noting that the loan is directed only to the Lebanese, and the family’s income is what will be taken into account, not the salary of the individual in the family.”

In response to a question, he concluded, “The loans that will be granted will be repaid in the same currency, meaning that whoever takes a loan in pounds will repay it in Lebanese pounds. As for loans given in dollars, they will be paid only in dollars, and the borrower will sign all the necessary papers that require him to pay in dollars.”