Law 38 Of 1978 Saving For Housing

Original Language Title: القانون 38 لعام 1978 الادخار من أجل السكن

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Read the untranslated law here:

Law 38 of 1978 law saving for housing the President based on the Constitution and approved by the Assembly in its meeting dated 27/3/1978 issued: article 1: definitions:

The following words meanings listed beside each:-Minister: Minister of housing and utilities.

B-the Foundation: General Organization for housing.

C-Bank: Mortgage Bank.

D-saver: every citizen share saving for housing in accordance with the provisions of this law.

-Monthly savings: the amount saved by Bank shot every month.

And-saving area: city or town declared saving for housing.

Article 2: the cost of housing enterprise ready for occupancy for savers and cost the bank receipt of money from them and lending them to the institution in accordance with the provisions of this law I: payments and support: article 3: a-Announces Open savings for housing in each area set aside the decision of the Minister on the proposal of the enterprise agreement with the Bank specifying: 1. housing categories that your organization construction and requires that no more than 100 housing space and 30 square metres.

2. the median estimated value for each category.

3. cash payment to no more than a sixth of approximate value median housing category.

4. monthly savings for each category that at least 100 SP.

B-requires subscription savings for housing cash payment and deposit it in the Bank's history is a history of the subscription start saving.

C-requires continued to repay the monthly savings participation saver to the Bank during the first half of each month as of the month following the date of the cash deposit at the Bank without warning and so achieve payments half the median value for the chosen accommodation category.

D-participation remains saving open permanently and may be closed temporarily by decision of the Minister upon a reasoned request from the Foundation.

II. the principle of saving for housing: article 4: a-every citizen wishing to obtain a dwelling co Foundation savings for housing to submit a request in writing to the institution indicating his desire and designates an area set aside and choose a category accommodation that suit the monthly savings would abide by it.

B-saver may unsubscribe at any time savings and withdrawal payments subject to the provisions of article 11 of this law.


Article 5: a disbursement shall be monthly savings bank opens a special account in the name of the institution in the saving and absolve the Bank from underwriting public debt Fund allocated and any subscriptions or other insurance or deposit the funds may not be seized or move the account credited only by the Foundation for the purposes provided for in this law.

B meets the Bank for the institution which is in arrears in the payment of any saver to save monthly on the 15th of every month delay penalty at the rate of 1% per month on unpaid amounts shall be credited to the institution referred to in the preceding paragraph and whole month month pane is in this area, provided that no more than the total number of days of delay on hundred eighty consecutive days or separate a done deal including holidays and in case of total delay days subscription is mentioned reduction savings void and received Savings.

C-bank organizes monthly list for each category in the savings area showing payments savers and their names sorted sequence of dates and times to deposit their payments in cash and sends it to the Foundation.


Article 6: a home delivery enterprise is committed to saving zone saver during a period not exceeding five years from the start of his involvement if the following conditions savings: 1. achieve payments half the median value advertised by housing category.

2. has exceeded twenty-third age distribution date.

3. not to be the owner of the accommodation is or minor children together or separately in the savings area exceeding thirty thousand SP by guessing.

4. don't be benefited or allocated a dwelling is a residential cooperative association or his wife.

5. not to be collectively or individually or his wife have underwrote in more than one area spared both conditions may be cancelled (2-3) or modify the age and amount contained by decision of the Prime Minister upon proposal by the Minister.

B-delivery is based on the Bank's notice referred to in paragraph (d) of article 9 of this law.


III. building and distribution of housing loans: article 7: putting the Foundation annual plan in light of the size of the savings and credit facilities obtained for securing land and housing ready for occupancy for savers by categories chosen and delivered within the period as housing conditions specified in article 6 of this law and for that: a-plans by the institution and the complexity of the contracts to achieve these goals window after ratification of the Minister.

B-establishment of contract by mutual consent with the municipalities and departments and institutions and public services and other endowments to buy land owned by them c-implementing the work surface required by housing projects by the Foundation or the mode is done in accordance with the conditions applicable in real estate interests DG and be acceptable references in the Directorate.

D-Foundation secured to the housing projects of drinking water network and the electricity distribution network and telephone wiring, sewage, roads, lighting and public parks by the municipalities and the competent institutions in accordance with the laws and regulations applicable to them and that may implement these facilities or direct themselves in agreement with each other and perform in schools and hospitals and other service buildings account for competent authorities in agreement with it.


Article 8: a Housing Foundation are distributed on savers and sell them at cost plus a profit of no more than five percent and issued by a decision of the Minister on the proposal of the Foundation bases housing values and distributed without the preferences listed in paragraph//article/34/20 acquisition Act of 1974.

B-the housing is being distributed by sequence names savers mortgage bank regulations and is not entitled to any party except any counteract this sequence and each registration is void never more false than otherwise property.


Article 9:

A Bank grants every wish of savers who distributed housing loan to pay off the balance value of his dwelling within the limits permitted by the law and regulations of Bank pay with benefits in equal monthly instalments over a maximum period of fifteen years from the month following the date of receipt of the housing.

B-to be determined by decision of the Minister of economy and foreign trade, the interest rate charged by the Bank for loans granted under this Act shall specify the cost price with the Bank.

C-does not benefit from the provisions of this article saver who owned by date or during the savings participation fully in dwellings of independence or his wife or his children collectively or individually in the minors.

D-the Bank converts the loan amount to the account of the institution and the savers who are not sufficient to pay the full balance of their loan value of housing to complete payment of the difference in cash as well as savers who do not benefit from bank loans or who do not want to borrow them or deposit cash payment for housing in this institution's account at all events the Bank sends a notice to the Foundation or payment.

E-exempt debt and the Bank in the implementation of the provisions of this article of all fees and stamp duties on transactions and contracts, loans and bonds to upgrade her insurance flag in the land register or the temporary register.


Article 10: a-can for its housing projects for savers to get bank loans current account with interest and without prejudice to the right of establishment by borrowing from banks and others.

B-increased real estate bank capital specified in article 3 of Legislative Decree No/29/1966 amendments LS 100 million being paid this increase in capital and the amount of the planned increase in law/11/1975 on five equal annual installments beginning three years from the date of the award of the first subscription for this purpose article 11: a-cash payments monthly savings and unproductive for benefits but savers who provided the requirements contained in article/6/of this law and ended the period Thereunder without being extradited home interest payments due are paid on Bank Rapporteur on long-term deposits as follows: 1. in the case of waiting and not to withdraw savings: added benefits from the date of expiration of the prescribed period until the date of receipt to claimants and keeps them their right to access to housing if they stopped paying the monthly savings.

2. in the case of a withdrawal of savings: interest assessed as of the filing date to the date of retirement and their participation is considered void saving in this case.

B-contrary to the provisions of paragraph c of article 3 of this law the heirs are entitled to hold the deceased saver savings or withdraw their CPF savings within a year of the date of death and get withdrawal and interest applied to them what applies to withdrawals under paragraph 1 of this article.

C-bear Foundation interest due under this article.


IV. General provisions: article 12: a-General Manager powers of the Director General under the provisions of article 12 of law No/1/1976.

B the institution shall apply the financial system and the system of contracts and incentives referred to in paragraph//article 3 of law No/1/1976 and that these systems remain the institution subject to the provisions of the regulations in force in this area.


Article 13: annual awards may be issued by the Prime Minister to exempt institution and excluded in the following areas: (a) import permits for imports.

B-restricting import and restricted and banned from any quarter.

C-taking PIC of monetary authorities and the banking institutions to transform the value of imports by cutting free of the parallel market.

D-believe commercial invoices for import cargo clearance and paying.

E-certificates of origin, subject to the provisions governing the province.

And-provided transportation by shipping organization.


Article 14: exclude organisation workers compensation ceilings stipulated in Decree/167/1963, as amended.


Article 15: the Director-General of the enterprise: a-to entrust enterprise personnel personnel further work inside or outside the scope of their core outside official working hours and give them compensation in respect of that decision.

B to contract with individuals working in or outside the State of engineers, technicians and domestic and foreign experts and with bodies and engineering offices and research centers for studies or research or doing work for the company.


Article 16: applicable law institution may collect the public funds and its amendments and enjoys the powers enjoyed by financial circles under the FCPA regarding booking and warning and maritime liens sold to satisfy the debt and official books are about as official warnings that have legal implications.


Article 17: the laws and regulations in force in the institution and the Bank, without prejudice to the provisions of this law.


Article 18: the Minister shall issue the necessary instructions and decisions to implement the provisions of this law.


Article 19: this law shall be published in the Official Gazette.

Damascus on 24/5/1398 a.h. at 1/5/1978 m President Hafez Al-Assad .nm