Housing savings account for the youth is naturally among short-term investment deposit accounts of which holder is able to benefit from specific advantages and loan facilities of the said account by fulfillment of schedule of depositing presented by the bank during long period and under specific conditions.
Waiving period: Between 5 and 15 years;
Interest rate of loan facilities: 9%
Refund period: Maximum 20 years;
Refund period of loan installments: Simple and stepwise method;
Requirements for benefiting from advantages and loan facilities of housing savings account for the youth:
Any person who has reached the age of 18 or his/her legal growth certificate has been issued by court is able to open a housing savings account for the your in his/her name or those who are under his guardianship and custodianship.
Applicants for the housing savings account for the youth may start depositing by least payment made every month (repeatedly or entirely at the beginning of period).
Maximum amount of loan facilities granted in consideration of geographical division (city of Tehran, metropolises and other cities) for the accounts opened in 2018-19 is given as follows:
At the end of the 15th year: Over 2130 Million Rials, 1770 Million Rials and 1420 Million Rials;
At the end of the 6th year: IRR 1,000,000,000; 830 Million Rials and 660 Million Rials;
At the end of the 5th year: 910 Million Rials; 760 Million Rials and 610 Million Rials;
- Withdrawal from the housing savings account for the youth at any period is free of impediment. However, withdrawal from the said account should be made in such a manner that average account balance is not less than the least amount specified by the Central Bank every year.
- Structure of account, average balance and loan facilities of the said account will be calculated based on monthly payments.
- Average balance every year is calculated separately by dividing the amount of account structure every year of depositing by 12 (months).
- Corresponding loan facilities per year of depositing is calculated separately by multiplying the coefficient of each year by average balance of the corresponding year (For calculation, you should refer to the corresponding branch).
- At the beginning of each year, least amount paid monthly by the opening parties of new accounts in the corresponding year will be specified and notified by the Central Bank of Islamic Republic of Iran.
- Metropolises: Karaj, Mashhad, Tabriz, Esfahan, Ahvaz, Qom, Kermanshah,Shiraz;
Note: In case of inclination of the accountholder to use the maximum amount of the aforesaid loan facilities at the end of the fifth to the 15th year, he shall starting depositing by more amounts.
- For opening parties of the account in the year 2018-19, the required coefficients for benefiting from maximum loan facilities in the end of the fifty year is given as follows:
7/17 for least monthly payment in Tehran;
5/98 for least monthly payment for metropolises;
4/8 for least monthly payment for other cities;
*** For example, if a depositor is willing to benefit from the maximum loan facilities in Tehran amounting to
910 Million Rials at the end of fifth year, he should pay the corresponding amount given in the respective table with a coefficient of 7/17 that is given as follows for the first year of depositing per month:
IRR 2,724,600.00 (380,000 x 7/17=2,724,600);
- Maximum refund period of loan facilities will be fixed at time when it is used according to the approvals of the Central Bank of Islamic Republic of Iran.
- Payment of loan facilities of housing savings account for the youth is possible for construction, completion and purchase of residential units.
- Loan facilities will be paid for maximum 80% of value of residential unit that will be estimated by the bank’s appraiser.
- In case the privilege of housing savings account for the youth is not used, upon cancellation of account, an interest rate will be paid as much as the interest rate of short-term deposit accounts.
- Interest rate of loan facilities will be fixed at time of using the said facilities in consideration of approvals of the Central Bank of the Islamic Republic of Iran.
- This account can be changed to ordinary housing savings account. However, it is not possible to change other housing savings fund accounts to the housing savings account for the youth either.
- Transfer of the account to close relatives (parents, children, spouse, sisters, brothers, grandchildren, and grandparents) is free of impediment.
Special conditions of Bank Maskan for opening types of accounts in the name of the mother in the favor of her minor child:
- Bank Maskan opens types of housing savings fund account, housing savings account for the youth, and short-term and long-term investment deposit accounts in the name of mother in the favor of her minor child.
- At time of opening the said accounts, the mother may reserve right of withdrawal from the said account or she may waive herself from such right.
- In case of death of mother, sums of money paid to the account opened by the mother will be excluded from the mother’s bequest and it shall totally go to her minor child.
- In case of death of minor child prior he/she reaches the concerned age, account balance and its benefits belong to the mother and she is entitled to make withdrawal from the said account as well.
- Opening the housing savings account for the youth in the name of the minor child is possible by the mother reserving right of withdrawal.
Conditions of property:
Maximum loan facilities for housing savings account for the youth shall go to the units of which issuance date of building permit has not passed for 20 years. If over 20 years have passed as of issuance date of the building permit for maximum 25 years, maximum amount of loan facilities payable to the said units across the nation will be 350 Million Rials.