TEHRAN, Iran, June 4.Iran is increasing loan celling for house construction to 6 billion rials ($142,000) and provide 20 trillion rials ($476 million) advances without a guarantor, said the CEO of Bank Maskan Mahmoud Shayan, Trend reports citing IRNA.
"The bank is supporting professional house builders to increase housing construction by using new technologies by offering advances in Tehran and 13 other big cities," he said.
Province capitals and cities with a population of over 200,000 will receive 5 billion rials (about $119,000) advances and other cities 4.5 billion rials (about $107,000) per house.
Iranian government's landmark housing plan is to build four million residential units in the next four years to maintain the surging prices in the housing market.