Housing savings account for the youth is a short-term investment deposit accounts through which the account holder is able to benefit from the advantages and loan facilities specific for the said account in long period according to specific conditions by fulfilling the depositing schedule.
Waiting period: Between 5 and 15 years;
Interest rate of loan facilities: 9%
Refund period: Maximum 20 years
Refund method: Simple and stepwise method;
Requirements for benefiting from advantages and loan facilities of savings account for the youth:
Any person who has reached the age of 18 or legal growth decree has been issued by court, shall open a housing savings account for the youth in his/her name or those who are his/her guardian or custodian.
Applicants for housing savings account for the youth may start depositing by payment the least monthly amount (repeatedly or entirely at the beginning of period).
Maximum loan facilities granted is given as follows in consideration of geographical division (City of Tehran, metropolises and other cities) for the accounts opened in 2018-19:
At the end of the 15th Year: 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 done in such a manner that average account balance is not less than the least amount determined by the Central Bank every year.
- Account structure, average balance and loan facilities will be calculated based on monthly payments.
- Average balance of each year is separately calculated by dividing the amount of account structure every year by 12 (month).
- Loan facilities in each year of depositing will be calculated separately by multiplying the ratio of each year in average balance of the corresponding year (For calculation, please refer to the corresponding branch).
- At the beginning of each year, the least monthly payment of opening parties of new accounts in the said year will be specified and notified by the Central Bank of Islamic Republic of Iran.
Metropolises: Karaj, Mashhad, Tabriz, Esfahan, Ahvaz, Qom and Shiraz;
Note: If an account opening party is willing to benefit from the said loan facilities at the end of the 5th to the 15th year, he should start depositing by payment of more amounts.
- For the opening parties of account in the year 2018-19, the necessary coefficients for using the maximum amount of loan facilities at the end of the 5th year are given as follows:
7/17 for the least monthly payment in Tehran;
5/98 for the least monthly payment in metropolises;
4/8 for the least monthly payment in other cities;
*** For example, if a depositor is willing to use the maximum amount of loan facilities in Tehran at the end of the fifth year for 910 Million Rials, he should pay the amounts given in the table with a coefficient of 7/17 amounting to approximately IRR 2,724,600 per month for the first year of depositing:
(380,000 x 7/170=2,724,600);
- Maximum period for refund of loan facilities granted according to the approvals of the Central Bank of Islamic Republic of Iran will be fixed at time when the said loan is used.
- Payment of housing saving account loan facilities for the youth is possible for construction, completion and purchase of residential units.
- Loan facilities are paid as much as maximum 80% value of residential unit that is 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 as much as that of short-term deposits will be paid.
- Interest rate of loan facilities granted will be specified by virtue of approvals of the Central Bank of Islamic Republic of Iran at time of using such facilities.
- This account may be changed to ordinary housing savings fund account. But it is not possible to change other housing savings fund accounts to the housing saving account for the youth.
- Transfer of account to that of close relatives (parents, children, spouse, sisters and brothers, grandparents and grandchildren) is free of impediment.
Special conditions of Bank Maskan for opening types of accounts in the name of 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.