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Posted On: 14 October 2014 08:58 am
Updated On: 12 November 2020 02:14 pm

Housing loan not enough: Qataris

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As construction costs continue to escalate due to rising demand for materials amid a building boom, Qataris are complaining again that the housing loan provided to them by the state is insufficient.

The government provides free land to nationals and housing loans worth QR1.2m are given to those nationals who are in jobs.

These loans, provided by the state-owned Qatar Development Bank (QDB), are given on soft terms with long-term repayment tenures.

Beneficiaries have long been complaining that the loan amount is insufficient to build a house due to rising construction cost.

Al Sharq reported yesterday that young and employed Qataris who marry prefer to have their own house. And since the government housing loan amount is insufficient they are forced to take bank loans to complete their house.

This puts extra financial burden on them and the result is that even if both the husband and wife are employed, they keep struggling for years to repay the piled up loans, thus, wasting their prime youth.

Construction costs have been soaring and have reached QR150 per square foot for areas outside of Doha and QR250 within Doha.

And nationals who don’t have land but get housing loan from the QDB can never in their lifetime even dream of making a house of their own, said the daily.