After a three-year halt in housing loans due to the economic crisis, hope has returned for Lebanese citizens today to obtain a housing loan from the Housing Bank to build, renovate, or purchase a home not exceeding 120 square meters in rural and suburban areas only. The loan amount can reach up to one billion Lebanese pounds, with a maximum repayment period of 30 years at an interest rate of 5 percent. The application period for housing loans will open in approximately one month and three days.
It is noteworthy that the one billion pounds that beneficiaries will receive, equivalent to approximately 37,000 US dollars, will not change according to the exchange rate of the dollar, meaning that the value of the amount may decrease if the exchange rate rises later. Regarding renovation loans, the Housing Bank has set the maximum limit at 400 million pounds for a period of 10 years, which is about 15,000 dollars based on today's exchange rate, with a monthly payment of around 3 million pounds or a little more.
The Housing Bank relies on the Kuwaiti Development Fund; following a loan agreement between Lebanon and the Arab Fund to finance the housing project, and according to the Kuwaiti News Agency (KUNA), an agreement was reached to borrow 50 million Kuwaiti dinars, or 180 million dollars, for the Housing Bank, with 40% of the loan allocated to the Public Corporation for Housing. The entire loan will later be transferred solely to the Housing Bank.
**Citizens' Discontent**
Since the announcement of the housing loan date, many opinions have emerged, most notably that the mentioned loan is aimed at providing support "only for the affluent class" and not for those with limited incomes. Some opposed the idea of the loan in light of the difficult living conditions faced by Lebanese citizens, whose combined salary does not exceed 7 million pounds in the best cases. Rumors have circulated that a borrower's salary should not be less than 15 million pounds to benefit from the loan, creating much speculation around the matter.
**Response**
In this context, in a special interview with "Al-Diyar," the Chairman and General Manager of the Housing Bank, Antoine Habib, commented on the question: Is the housing loan limited to the affluent class as rumored? Habib pointed out that "the wealthy live in homes of 300 to 400 square meters or more; they do not need to live in a 120-square-meter house far from the city." He added that "the family income seeking the loan should be only 6.5 million pounds," emphasizing the term "family income" and not just the salary of one individual, denying the rumor that potential borrowers need to have a salary of 15 million pounds.
Regarding the issue of purchasing or building only in rural and suburban areas and not in the city, Habib stated, "This is a decision of the Housing Bank and the Parliament, not my personal decision. Those wanting to change it should go to Parliament." He further stated, "Those who watch people die of worry should stop doubting and spreading rumors whenever they see the state working positively and launching new and successful initiatives. Our goal is to assist the Lebanese citizen and limit the emigration of youth by giving them some hope in this homeland."
Jana Helal - Al-Diyar
