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Revival of Housing Loans in Lebanon: Opportunities and Challenges
News Bulletin Reports
2024-03-21 | 12:55
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Revival of Housing Loans in Lebanon: Opportunities and Challenges
A report by Lea Fayad, English adaptation by Nadine Sassine
The housing loans are back through the Housing Bank.
Starting in June, you can fill out an online application on the bank's website, which has benefited from a $165 million loan from the Arab Fund for Economic and Social Development.
To apply for a housing loan, you need to meet several conditions:
- You must be Lebanese
- The area of the apartment you want to buy should not exceed 150 square meters
- You must not have previously benefited from a subsidized loan
- You must not own another house in Lebanon
- The family's total income should range between $1200 and $2000, meaning you are from the low to middle-income class
- The last condition is that you must pay at least 20% of the apartment's price.
The loan amount ranges between $40,000 and $50,000. It is repayable over 20 years with a 6% interest rate, resulting in monthly payments between $300 and $350.
But the question is: Are $40,000 or $50,000 sufficient for a loan? And how much are the prices of houses in the first place?
The average price of apartments has dropped by 40% compared to before the 2019 crisis (according to the Real Estate Developers Association).
In Beirut, the average price of a 100-square-meter apartment is $220,000. In slightly further areas like the southern and northern Metn coast, prices range from around $90,000 to $130,000. As we move further away from Beirut, we may find lower prices (according to the Real Estate Developers Association).
In addition to this project, the Housing Bank will offer loans for renovating or building houses if you own land.
In any case, this step constitutes support for a segment of citizens awaiting the recovery of the banking sector and the expansion of the segments benefiting from loans.
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