Rafidain funding shortage freezes Bismayah housing loans

Shafaq News- Baghdad

Hundreds of Iraqis seeking to purchase apartments in Baghdad's Bismayah residential complex remain unable to complete their transactions after Rafidain Bank suspended housing loans because of a funding shortage, a source familiar with the matter told Shafaq News on Wednesday.

The source said applicants had completed all required procedures and the housing units were ready for handover, but the suspension has delayed the process and prevented buyers from finalizing their purchases.

Applicants, in turn, urged the government, parliament, and relevant authorities to restore financing for Bismayah housing loans to end their “suffering.”

The country continues to grapple with a longstanding housing shortage. The Ministry of Construction, Housing and Municipalities estimates the country needs around five million additional housing units to meet demand. Although successive governments have launched major residential projects since 2003, including the Bismayah complex, the housing deficit remains largely unresolved.

In May, Bismayah applicants complained about delays in apartment allocation procedures. Some accused the National Investment Commission of imposing an additional "allocation" requirement that they said was not included in their purchase contracts. Earlier this year, official documents obtained by Shafaq News alleged financial and administrative irregularities exceeding 14 billion Iraqi dinars (about $10.7M) at Rafidain Bank, including cases related to Bismayah apartment installment payments.