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Mon 13 Jul 2009 07:51 AM

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Qatar in mortgage move to boost real estate market

More than 5,400 Qataris offered $165,000 house loans to be taken up by Oct.

Qatar in mortgage move to boost real estate market
HOUSE LOANS: Qatar Development Bank is offering loans to thousands of Qataris in a bid to stimulate the real estate market. (AFP)

More than 5,400 Qatari nationals have been offered a long-term house loan of at least QR600,000 ($165,000) by the Qatar Development Bank (QDB) in a bid to revive the real estate sector.

The loans, which can be raised depending on a person’s housing needs and ability to repay the debt, will help locals get on the property ladder and boost construction, officials have said.

Of the 5433 total about 4,400 people were already on a bank waiting list, of which 322 were women, reported the Peninsula.

One thousand new names were added and have until October to apply for the loan.

The others have until March 31, 2010, the paper reported.

The state-owned bank said in a statement that any of the 1,000 new applicants who fail to apply for the loan within the allotted time will have to wait until the next financial year.

“They will figure again but on the list of beneficiaries in the next budgetary year,” the bank said.

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