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Construction Mortgage: A Step in the Right Direction

Neimat AlNaiem

A construction mortgage is a type of mortgage used to finance the construction of a house and typically only requires interest to be paid during the construction period. Once the building phase is over, the loan amount becomes due and it becomes a standard mortgage. It is another meaning the construction loan or (the self-building loan) is a short-term loan used to finance the building of a home or another real estate project.

It came in news that the Central Bank of Sudan CBS issued a decision to finance the construction mortgage for individuals. The CBS directed all banks in Sudan to finance the construction mortgage to individuals and institutions. In addition to providing maintain ace services to the estates bossed by the owner of the house.

This decision is considered a step in the right direction to provide distinctive and fair services to the citizens and may enable the youth in particular to achieve their dreams. To finance giant projects is an indication of the successful policies of the central bank. This automatically plays a role in facilitating the construction and building of a house which may take years to complete the process.

Such a decision will pave the way to create new jobs in the field of construction. It creates good opportunities for the youth to benefit from this offer.

We hope all banks in Sudan will facilitate procedures through one window to enable those who demand such service will achieve construction of their homes in a specific duration to benefit from this service.

Such decisions from the Central Bank of Sudan expect to mobile the society to benefit from these policies.

It is important to strengthen the links with the mass media to highlight the problems facing construction activity in Sudan and enabling them to provide support to the whole society either individuals or institutions.

Economic experts described this decision as successful in assisting the citizens and facilities in the construction process.

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