Financial Tribune - The government will allocate a fraction of the 750-trillion-rial ($3.34 billion) coronavirus bailout to renters, says Minister of Roads and Urban Development Mohammad Eslami.

The interest-only security deposit loans, in which the renters pay only the interest costs and not the principal, will be paid to landlords.

“Renters of homes with an area of less than 75 square meters in Tehran and 90 square meters in other cities will qualify for this type of bank facility. The landlord and renter need to sign an official contract before banks can begin the lending process,” he was quoted as saying by Mehr News Agency.

Mohammad Hassan Moradi, an official with Bank Maskan—the state-agent bank of the housing sector, said in view of the resources available, there will be a limit on the number of loans the creditor can provide.

Moradi added that financial resources needed to carry out this program must be provided through deposits.