Housing Loan Crisis: no new .. But ..



In the face of the country's suffocating economic crisis, aggravated by the suspension of subsidized home loans, Lebanese people seem to be concerned about the 'ropes of hope', so that as soon as the housing crisis starts , the subsidized loans will be awarded the next morning. Although the audit announced last week shows that there is nothing new in the crisis, which is circulating in a vicious circle.

Under the title «Housing crisis on the road to solution» The Ministry of Finance stated yesterday in a statement that the Minister of Finance, Ali Hassan Khalil, has repeated the Ministry of Finance's position to bear the interest margin for new home loans, and has announced that the preparation of legal mechanisms on the basis of this approval will start In order to prepare them to be ready in a very short time.

Khalil's speech came during a meeting with Roni Lahoud, director of Housing Fund, in which the proposed formulas were presented. In the light of the Minister of Finance's position, the Minister agreed to prepare the mechanisms according to the proposed formula so that the home loan crisis would find a solution.

In assessing the solutions presented, Housing Fund director Roni Lahoud assured the republic that nothing new about this crisis and what is said about solutions is only a repetition of previous proposals, such as the Lebanese state's interest rate subsidization through the Ministry of Finance must bear, The search for the mechanism of action is underway and where will the support come from? Whether it concerns tax cuts for banks or direct financial support …

Lahoud explained that the intention of the Ministry of Finance to bear the interest rate differential required for new home loans, the role played by the Central Bank in supporting the benefits of loans to the Ministry of Finance, explained that not at all means that the benefits on home loans will fall to around 3%, as was customary. Lahoud said that during the meeting the interest rate that will be determined on home loans has not been discussed. The interest in the market today is very high, so it is supposed to return to its normal size.

In response to a question, Lahoud said that we can not say that the housing crisis has been resolved, because we are still studying the required mechanisms of action, and it may turn out in the treatment that we need legal legislation or a government to approve it, and nothing prevents a solution with banks, which is not the case. Requires legislation.

About the similarities or differences between this proposal prepared by the Finances and the bill prepared by the Future Movement and the strong block from Lebanon, Lahoud said: These two projects suggest to support the benefits by lowering the tax on banks. If this proposal is not successful, they also pay banks instead of lowering the tax on banks.

Lahoud stressed that the housing crisis, despite our lack of knowledge and still not convinced of the causes and backgrounds, has created an economic opportunity in the country and we hope to tackle it as soon as possible because of its impact on the economy. A home has a sacred right provided by the constitution to every Lebanese citizen.

He pointed out that housing provides approximately 5,000 loan lending per year worth one billion pounds injected into the property market, paid by banks, in addition to central support and correctly that it is not direct support from the Central Fund, but the use of reserve funds. The number of housing loans approved to date before the suspension of subsidized loans, which is part of the package in 2018 and the other part to the package in 2019 on 1700 agreements, which means that approximately 3,300 loans have been suspended. It is expected that this number will also be exceeded if a solution to this crisis is found.


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Housing Loan Crisis: no new .. But ..



In the face of the country's suffocating economic crisis, aggravated by the suspension of subsidized home loans, Lebanese people seem to be concerned about the 'ropes of hope', so that as soon as the housing crisis starts , the subsidized loans will be awarded the next morning. Although the audit announced last week shows that there is nothing new in the crisis, which is circulating in a vicious circle.

Under the title «Housing crisis on the road to solution» The Ministry of Finance stated yesterday in a statement that the Minister of Finance, Ali Hassan Khalil, has repeated the Ministry of Finance's position to bear the interest margin for new home loans, and has announced that the preparation of legal mechanisms on the basis of this approval will start In order to prepare them to be ready in a very short time.

Khalil's speech came during a meeting with Roni Lahoud, director of Housing Fund, in which the proposed formulas were presented. In the light of the Minister of Finance's position, the Minister agreed to prepare the mechanisms according to the proposed formula so that the home loan crisis would find a solution.

In assessing the solutions presented, Housing Fund director Roni Lahoud assured the republic that nothing new about this crisis and what is said about solutions is only a repetition of previous proposals, such as the Lebanese state's interest rate subsidization through the Ministry of Finance must bear, The search for the mechanism of action is underway and where will the support come from? Whether it concerns tax cuts for banks or direct financial support …

Lahoud explained that the intention of the Ministry of Finance to bear the interest rate differential required for new home loans, the role played by the Central Bank in supporting the benefits of loans to the Ministry of Finance, explained that not at all means that the benefits on home loans will fall to around 3%, as was customary. Lahoud said that during the meeting the interest rate that will be determined on home loans has not been discussed. The interest in the market today is very high, so it is supposed to return to its normal size.

In response to a question, Lahoud said that we can not say that the housing crisis has been resolved, because we are still studying the required mechanisms of action, and it may turn out in the treatment that we need legal legislation or a government to approve it, and nothing prevents a solution with banks, which is not the case. Requires legislation.

About the similarities or differences between this proposal prepared by the Finances and the bill prepared by the Future Movement and the strong block from Lebanon, Lahoud said: These two projects suggest to support the benefits by lowering the tax on banks. If this proposal is not successful, they also pay banks instead of lowering the tax on banks.

Lahoud stressed that the housing crisis, despite our lack of knowledge and still not convinced of the causes and backgrounds, has created an economic opportunity in the country and we hope to tackle it as soon as possible because of its impact on the economy. A home has a sacred right provided by the constitution to every Lebanese citizen.

He pointed out that housing provides approximately 5,000 loan lending per year worth one billion pounds injected into the property market, paid by banks, in addition to central support and correctly that it is not direct support from the Central Fund, but the use of reserve funds. The number of housing loans approved to date before the suspension of subsidized loans, which is part of the package in 2018 and the other part to the package in 2019 on 1700 agreements, which means that approximately 3,300 loans have been suspended. It is expected that this number will also be exceeded if a solution to this crisis is found.


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