This is to inform all customers that
Housing sector in the nation has in stagnation condition for a short period due to various reasons. Such factors as lack of effective demand and weak purchase power of purchasers on the one hand and shortage of credit resources of banks for fulfillment of the buyers’ demands on the other hand have aggravated this condition. For this purpose and in order to assist with exit from the current condition, Bank Maskan has offered the plan of guarantee of transactions of housing buyers and sellers by installments for assurance of contract parties as a fresh approach.
Going through this procedure and for assurance of contract parties, Bank Maskan accepted to act as an agent to collect of loan installments subject of contract and to play the role of obligor to guarantee payment of loan installments of price of transaction. For this purpose, first it is necessary to realize negotiations and visits between the buyer and the seller to conclude the transaction of residential unit and to reach an agreement on cash price, price of sale by installments, transaction conditions and the ones. Then, referring to the bank, they embark on submission of the corresponding documents to the property and those to parties to contract. Furthermore, the Bank reviews the corresponding documents and performs the formalities for validation of customer and draw up the appraisal report. If according to the complementary reviews it is found that the property subject of transaction and the ones meet the requirements concerned by the bank, the corresponding contracts would be concluded among the seller of residential unit, the buyer and the bank. Hence, according to the said contract, the buyer guarantees to pay the seller’s claims to the bank by installments for price of sale of the residential unit by installments and the Bank pays the sums of money received in this way to the account of the seller on appointed dates.
Execution of plan for guarantee of housing sale transactions by installments is presently fulfilled in Tehran Province only at chosen branches of the city of Tehran namely:
Central independent branch, Saadat Abad, Ayatollah Kashani, Mirdamad, Shohada, Yousef Abad and Karim Khan Zand branches and in other provinces only in one branch in each province (Central provincial branch).
Important Advantages of Plan:
A-Increase of purchase capacity of housing buyers without raise of maximum housing and on the whole, it is possible to sell the residential units without need of bank loan facilities.
B-Encouragement of sellers to presell the units under construction and financing the incomplete projects without using bank resources relying on the fact that after completion and preparation of deeds and upon transfer of units, it will be possible to collect a major part of price of transaction on the condition of the said plan;
C-Possibility of commencement and opening new projects in consideration of sale of units possessed by developers of residential units;
D-No immediate exit of resources by the bank compared to the loan facilities granted even in case of failure of buyers to pay the installments on due date;
E-Validation process and having the power by the bank to accept or to reject the purchase offer contrary to the governing procedure of undertaken accounts;
F-Concentration of financial resources of sellers with the bank due to connection with the bank after conclusion of transaction;
Conditions and criteria of the plan for guarantee of transactions (Generalities of plan):
- Cash sales price and sale price by installments will be specified upon mutual agreement reached between the seller and the buyer.
- The amount that can be guaranteed (amount of acceptable obligations by the bank) will be specified by the bank in consideration of value of property, validation of customer and income conditions of the applicant. Presently, the said amount is given up to maximum 50% of value of property appraised by an official expert amounting to IRR 1,500,000,000.00 provided that the amount of monthly installment of the buyer shall not exceed IRR 30,000,000.00.
- Installment period will be fixed upon mutual agreement between the buyer and the seller for maximum fifty months provided that it will not exceed 3/4th useful life of building and by considering list of building quality control (indicated in appraisal report).
- The bank accepts mortgage of the property subject of transaction and guarantees payment of installments by the buyers of residential units within fixed periods (upon conclusion of contract and mortgage of property) on monthly basis.
- Amounts of installments will be paid by the buyer to the bank every month. The bank guarantees payment of matured installments to the seller’s account at the end of every month (termination month of maturity of installments) in return for mortgage of the property subject of mortgage.
Conditions of applicants for the plan:
Buyer: The buyer should meet the requirements for conclusion of contracts and also meet the following requirements as well:
- No noncurrent debt and bounced check which has not been nullified with the bank network;
Concerning no record of noncurrent debt and bounced check, any other exceptions and notes indicated by virtue of the last circulars or probably will be notified in the future with respect to granting the loan facilities and/or provision of services will not affect the plan for guarantee of housing transactions by installments and the applicant for privileges of the said plan should necessarily have no noncurrent liability and bounced check.
- According to validation conducted, the buyer obtains at least an “A” credit rating.
- The buyer should be able to pay the installments. In this respect, the branch should become sure about his financial ability. It is required that it is proved for the branch indicting that net income of debtor (upon deduction of other dues and liabilities which are matured during refund period), is sufficient to fulfill financial obligations of the buyer.
Required documents for file completion:
An application form of contract conclusion of plan for guarantee of transactions and completion of the said form;
Photocopies of all pages of the seller’s and the buyer’s Birth certificate;
Photocopies of the seller’s and the buyer’s National ID card;
The corresponding documents to the buyer’s income;
Photocopy of bill of sale of the residential unit (that will be obtained after report of appraisal and validation of the buyer);
Considering the bill of sale, it is necessary to indicate the acceptable obligations by the bank and amount of installment to be monthly paid by the buyer to the bank. For this purpose, it is necessary for bank branches to control the corresponding items inserted as above to be indicated in the bill of sale for the residential unit.
8- Photocopies of the corresponding documents to property such as title deed, building permit, building completion certificate and the ones;
9- Replies to inquiries obtained from of systems of Bank Maskan and the Central Bank of Islamic Republic of Iran (such as consulting company, Iran’s rating, bank loan facilities, bounced checks, the corresponding persons, same beneficiary, natural entities and the ones) and replies to inquires obtained from the corresponding organizations (municipalities, department for registration of deeds and real estate, endowment organization and the ones) and fully observance of specific rules and regulations of each;
10- Appraisal report on assets and property introduced (according to press sample of loan facilities for purchase of houses according to governing rules and regulations of this type of loan facility) will be drawn up accordingly.
11- Corresponding accounting documents, and receipt of payment of tax stamp fee, differential amount of commission fee for appraisal, insurance premium, of pledges and the ones;
12- Completion and submission of x/28 forms of the Central Bank of Islamic Republic of Iran;
13- Other required documents (as the case may require);
Schematic Chart of Operation Flow (Clockwise)