INSUBCONTINENT EXCLUSIVE:
Based on Central Bank circular, Bank Melli Iran announced how to transfer acquired residential properties.According to BMI public relations,
based on the circular of the amendment to the instruction on how to transfer surplus properties of financial institutions, the restitution
of residential property acquired in exchange for granting or creating loans and commitments, to their former owners and without holding an
auction will be possible in form of rescission.The maximum daily price of the residential property, equal to 100 billion Rial, not having
another property by the former owner at the time of applying and not announcing the winner of the auction if the residential property is in
the auction formal process are the most important terms of this transfer.Also, the former owner or borrower whose residential property has
been acquired to receive the loan must pay all the debts including total principal and interest on the unpaid loan and the obligation to
delay the payment of the debt, according to the approvals of the money and credit council, until the date of transferring the acquired
property, in cash within thirty days from the announcement date.It should be said if the bank has acquired the residential property by
paying the amount of difference between its demands and the property's price, the former owner is obliged to pay the daily price of the
portion of the residential property equal to what they received in Rial.
