In the face of Lebanon's enduring economic crisis, a glimmer of hope emerged on May 26, 2023, when the Council of Ministers signed a groundbreaking agreement. The once-closed Housing Bank of Lebanon, an institution a lot of people depended on, reopened its doors, promising a fresh start for many Lebanese citizens. In this blog post, we will explore the vital details of this initiative and how it offers a chance for countless families to rebuild their lives through secure housing.
A Lifeline From The Arab Fund:
At the heart of this resurgence is the infusion of funds from the arab fund. The Housing Bank obtained a substantial Arab Fund of KWD 50 million (USD 165 million). This injection of capital has paved the way for new housing loans, bringing renewed hope to those in need.
Online Accessibility via "Minassa" Mobile App:
To ensure accessibility for all, the Housing Bank has embraced modern technology. Through the "Minassa" mobile app, applicants can conveniently apply online, streamlining the process and reaching a wider audience.This application was found to be an ideal option to lessen the possibility of frauds and bribes.
Eligibility Criteria:
To qualify for these housing loans, applicants must meet specific criteria:
1. Lebanese Citizenship: Applicants must be Lebanese citizens, prioritizing the nation's own in these challenging times.
2. No Existing Property: Eligibility extends to those without any property in Lebanon, ensuring aid reaches those truly in need.
3. Property Size Restrictions: The apartment's size must not exceed 150 square meters, promoting fair distribution of resources.
4. Clean Financial Record: A clean financial record is mandatory, demonstrating financial responsibility.
Terms of Application:
Applicants must provide necessary documents, including extract of civil status and a property deed less than 3 months old while they are applying for a loan.
It’s important to note that a grace period of 3 months allows recipients to stabilize before beginning repayments. The loan can extend up to 20 years, with an option to close it before 7 years by paying a penalty. However, we still aren’t sure about the interest rates of the loans.
Conclusion:
The reopening of the Housing Bank of Lebanon stands as a beacon of hope for countless Lebanese families. In the midst of a crisis, this initiative provides not just shelter, but a chance at stability, security, and a brighter future. By embracing modern technology, offering fair terms, and encouraging family support, the Housing Bank is not just granting loans; it is rebuilding dreams and rekindling the Lebanese spirit of resilience. As the first beneficiaries receive their keys and step into their new homes, the Housing Bank of Lebanon becomes a symbol of hope, reminding the nation that even in the face of adversity, the Lebanese people endure, stronger and more united than ever. Stay tuned for our next blog article talking about the repayment methods of the loans.
