Reviving Lebanese Dreams - Part 2: Housing Bank of Lebanon Reopens its Doors

In the previous article we explored the glimmer of hope that is the reopening of the housing bank. We discussed the terms of agreement, as well as the eligibility criteria. As we continue our journey into understanding this transformative initiative, we uncover additional factors that underscore its significance.

The Two Sides of the Dollar :

Amid Lebanon's economic challenges, one standout feature of the Housing Bank's initiative is the assurance of financial stability through its choice of currency. This strategic move shields borrowers from the turbulence of the Lebanese Pound, providing a secure and predictable financial environment during these uncertain times. This commitment to a stable currency is a crucial pillar of support for those seeking to build a home without the anxiety of currency devaluation affecting their financial plans.The loans are not only granted in US dollars but must also be repaid in the same robust currency. This could be a big disadvantage for the Lebanese who get paid in LBP and have to exchange their currency in the fluctuating market, which is why the chance to get help from expat families is an option.

Empowering Families:

Recognizing the strength of familial bonds, the Housing Bank goes beyond individual support structures. This initiative actively encourages the participation of extended families in the home-owning journey. Individuals and their families falling within the income bracket of $1,250 to $2,500 have the unique opportunity to enlist as co-signers. This can be done either individually or collectively, fostering a sense of collective responsibility and shared accomplishment in the pursuit of homeownership. 

Tailored Loans for Average Incomes: Bridging Gaps in Society

Delving into the specifics of the loans offered by the Housing Bank, we find a targeted approach to address the housing needs of average low to mid-income households. Loans ranging from $40,000 to $50,000 are crafted to cater to the financial realities of this demographic. This tailored financial support ensures that a broader spectrum of the population, often overlooked in traditional banking structures, can now embark on the journey of homeownership. Finally, it’s important to note that one third of the beneficiary’s salary would be the promissory note.