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Loans to restore home damages announced by the Housing Bank

Aug 26

Loans to restore home damages announced by the Housing Bank

Three percent interest over 15 years

The Housing Bank said it will provide low-interest loans to low- and middle-income people to help them restore, rebuild, or rehabilitate their homes that were damaged in the Port of Beirut explosion.

The bank has allocated LL60 billion ($40 million at the official LL1,500 exchange rate) from its own funds. The ceiling for each loan is set at LL150 million ($10,000). The loan will pay a three percent interest rate. The maximum repayment period is 15 years.

Prospective borrowers must meet standard qualification conditions normally set by the bank, in addition to providing evidence of the damages.

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