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    Cabinet approves amendments to financing facilities granted to citizens within National Housing Program

    September 23, 2020
    real estate

    Amman, Sept. 22 (Petra) -- A cabinet meeting, chaired by Prime Minister, Omar Razzaz, on Tuesday decided to approve amendments related to the financing facilities granted to citizens to reach the target group and project sites within the National Housing Program / Land Axis.

    The decision aims to facilitate the citizens' access to the appropriate financing in order to obtain suitable plots of land for the purpose of housing, in light of the coronavirus pandemic and its impacts on various sectors.

    The decision included amendments to the payment mechanism in the land axis specified in the Housing and Urban Development Corporation (HUDC)’s board decision on 10/30/2019, by reducing the value of the first payment to (5) percent instead of (15) percent, and increasing the payment period to reach (10) years instead of (7) years, in addition to reducing the value of interest or its Morabaha equivalent to (4) percent for projects within the capital governorate and (3.5) percent in the rest of the governorates, while applying modifications to the aforementioned payment mechanism on all beneficiaries who previously completed their procedures within this axis.

    It also included amending the qualification criteria to benefit from the projects of the second axis (lands) from the program by authorizing the HUDC Director General to determine the benefit ratios for the public and private sectors for each project, in proportion to the nature of the project, provided that the percentage delegated to the Director General does not exceed (10) percent more or less specified in the HUDC's board of directors decision on 10/30/2019.

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