The Housing Bank to increase its capital

The Housing Bank (Banque de L’Habitat) is working to increase its capital from LL50 billion ($33 million) to LL100 billion ($66 million) to address rising demand for housing.

Loans provided by the Housing Bank increased by 93 percent during the first nine months of 2014, compared to the same period last year.

The Housing Bank grants long term housing loans to residents and expatriates. The maximum loan amount is LL800 million ($513,000) for 30 years, with a fixed interest rate.

Housing loan approvals are granted within 24 hours, while customers are exempted from stamp duty and mortgage fees.