President
Based on the Constitution

As approved by the People's Assembly at its meeting held on 27 March 1978, The following are issued:

Article 1

Definitions:

The words set forth in the following shall mean the meanings of each of them:
Minister: Minister of Housing and Utilities.
b. Enterprise: public housing institution.
c. Bank: Real Estate Bank.
d. Savers: Every citizen has been involved in saving for housing according to the provisions of this law.
e. Monthly savings: the amount that the savers commit to pay to the bank every month.
The Edakhar area: the city or the town where the savings are declared for housing.

Article 2

The foundation is charged with building housing ready for savers and costs the bank to catch money from them and grant loans to them and the institution according to the provisions of this law.

I. Payments and periods
Article 3

a. The opening of the entry for housing for housing in each area shall be announced by decision of the Minister upon the proposal of the institution and in agreement with the bank, in which it shall be determined:
1. The housing categories that are constructed and number by the enterprise and require that the housing area be no more than thirty square metres.
2. The estimated average value for each category.
3. Cash payment shall not exceed one sixth of the average approximate value of the category of accommodation.
4. Monthly savings per category to be at least 100 Syrian pounds.
b. A requirement for the provision of savings for housing is required for the payment of the scheduled cash payment. The date of deposit in the bank is a date for the commencement of the entry into savings.
c. It is required that the savers continue to pay monthly savings to the bank during the first half of each month as of the month following the date of deposit of the cash payment in the bank without notice until their payment reaches half the average value of the category of residence chosen by the bank.
d. The entry door is permanently open and may be temporarily closed by decision of the Minister on the basis of a reasoned request from the institution.

II. The principle of savings for housing
Article 4

a. Every citizen who wishes to obtain a residence from the institution shall be entitled to participate in the entry for housing by submitting a written request to the institution, indicating his or her wish, appointing an area of savings and choosing the category of accommodation appropriate for him and the monthly savings to which he or she will be committed.
b. At any time, it may cancel its entry into savings and withdraw its payment, taking into account the provisions of article 11/of this Law.

Article 5

a. Monthly cash payments and savings are deposited in a special account opened by the bank in the name of the enterprise in the savings area. The bank is exempted from the acquisition of the public debt fund and any other subscription, deposits or insurance as may not be seized or the account deposited in it may be moved. except by the institution and for the purposes set forth in this law.
b. The Bank shall meet for the benefit of the enterprise from the saver, which is delayed in the payment of any monthly savings for the fifteenth of each month, a delay of 1 per cent per month for the outstanding amounts deposited in the enterprise account referred to in the preceding paragraph and the month of the month shall be considered a full month in this area provided that the total number of days of delay shall not exceed one hundred and eighty days, from which the official holidays shall be settled, and in the event that the total days of delay exceed that limit, its involvement in savings shall be considered null and void and shall be reimbursed.
c. The Bank shall organize a monthly regulation for each class in the area of savings indicating the payment of savers and their names arranged according to the sequence of dates and times of deposit of their cash and to send them to the institution.

Article 6:

a. The institution is committed to handing over the residence to savers in the savings area within a period of no more than five years from the beginning of its entry into savings if the following conditions are in place:
1. To achieve payment of half of the average value declared for the category of residence selected by it.
2. Be more than 23 years old at the date of distribution.
3. Not to be the owner of a residence or to his or her minor children, combined or alone in the savings area, in excess of thirty thousand Syrian pounds under financial speculation.
4. Do not have access to or assigned to a residence of Hu or his wife from a residential cooperative association.
5. That he or his wife, combined or alone, may not have subscribed to more than one savings area and the two conditions (2.3) may be revoked or the age and amount set out therein may be amended by a decision of the Prime Minister upon the proposal of the Minister.
b. Delivery shall be made upon the notice of the bank referred to in paragraph (d) of Article (9) of this Law.

III. Building and distributing housing and granting loans:
Article 7

The institution shall develop an annual plan in light of the volume of savings, loans and facilities it receives for securing and processing land and building housing ready for the benefit of the savers according to the categories chosen and handed over by them within the conditions set out in article 6 of this law and for this. :
a. The plans established by the institution and its contracts to achieve these objectives are considered to be in force following its ratification by the Minister.
b. The institution has the right to engage in consensual engagement with municipalities, institutions, departments, departments of Wakfs and other public bodies to purchase land owned by these bodies.
c. The work of the space required by housing projects is carried out by the institution in particular or by means and is done in accordance with the conditions applied in the Directorate General of Real Estate Interests and the executed work is acceptable to the Directorate.
The Foundation shall ensure that the housing projects that are carried out by the drinking water network, the electricity distribution network, telephone extensions, sewage, roads, lighting and public parks are secured through the competent municipalities and institutions in accordance with the laws and regulations applied in these bodies. The organization is to implement these facilities or some of them directly by agreement with these bodies and to implement schools, hospitals and service buildings to the detriment of the competent authorities and to agree with them.

Article 8

a. The Foundation distributes houses to savers and sells them at a cost price plus a profit of no more than five per cent and is issued by decision of the Minister upon the proposal of the institution to establish the determination and distribution of housing values without complying with the preferences set forth in paragraph (e) of article 34/of the law Astric No. 20 of 1974.
(b) The distribution of dwellings is carried out according to the sequence of the names of the savers in the regulations of the real estate bank. No other person is entitled to the exclusion of any savers from this sequence and shall be considered null and void at all, every registration of the property is void.

Article 9:

a. The Bank shall grant to all those who wish to savers a loan for the payment of the balance of the value of its dwelling in the limits permitted by the law and regulations of the Bank to be paid with interest in equal monthly installments during the maximum period of fifteen years from the month following the date of receipt Housing.
b. By decision of the Minister of Economy and Foreign Trade, the interest rate charged by the Bank to the loans granted under this Act shall be determined and shall be taken into account in determining the cost price of the bank.
c. Does not benefit from the provisions of this article, during which he or she or his wife or minor children in the savings area had a full or complete abode in the face of his or her or his wife's or minor savings.
d. The bank transfers the amount of the loan to the current enterprise, and to those savers whose loan is not sufficient to pay the full value of the housing value to complete the payment of the difference in cash as well as the savers who do not benefit from the loans of the bank or those who do not wish to borrow the value of the housing value in cash or Deposit at the expense of the current institution and in all cases the bank sends notice to the enterprise by transfer or payment.
e. Savers and the bank in implementing the provisions of this article shall be exempted from all fees and stamps on transactions, contracts and loan bonds and on the status of the insurance sign and shall be set up in the real estate or provisional record.

Article 10:

a. In carrying out housing projects, the enterprise can obtain loans from the bank on current account loans and interest rates, without prejudice to the right of the institution to borrow from banks and others.
b. The capital of the real estate bank specified in article 3 of the Legislative Decree no. 9/1966 and its amendments, increases the amount of 100 million Syrian pounds. This increase in capital and the amount of increase established by law no. 11/1975 in five equal annual installments begins after Three years from the date of granting the first IPO to this end.

Article 11

a. Cash payments and monthly savings are not productive for benefits, but savers who meet the requirements in article 6/of this Act and have completed the period in which they have not been handed over for payment of interest payments to the bank on deposits Long-term as follows:
1. In case of waiting and non-withdrawal of savings:
The benefits shall be added from the date of expiry of the period specified and up to the date of receipt of their payments and shall be reserved for their right to access to housing, even if they have stopped paying the monthly savings.
2. In case of withdrawal of savings:
The benefits are due from the date of deposit to the date of withdrawal and their participation is considered to be null and void in this case.
b. Contrary to the provisions of paragraph/c of article III of this Law, the heirs of the deceased savers shall be entitled to continue to enter or withdraw their savings within one year of the date of death and shall be paid in the case of withdrawal and shall apply to them what shall apply to the withdrawing under paragraph 1/of this article. .
c. The enterprise shall bear the benefits accrued under this Article.

IV. General provisions
Article 12:

a. The Director General of the Enterprise shall exercise the powers conferred upon the Director General by the provisions of Article 12/of Act No. 1/1976.
b. The Corporation shall apply the financial regulations, the system of contracts and the system of incentives referred to in article III, paragraph (f) of Act No. 1 of 1976, and until such regulations have been issued, the institution shall remain subject to the provisions of the regulations in force in this area.

Article 13:

The President of the Council of Ministers may be exempted by annual resolutions to exempt and excuse the institution in the following areas:
a. Import holidays for importers.
b. Import, accounting and prevention of import from any destination.
c. Taking prior approval from the monetary authorities and banking institutions in order to convert the value of imports into free blocks from the parallel market.
d. certifying the commercial invoices of the importers in the area of clearing the goods and the payment of the value.
e. Provision of certificates of origin provided that the regulation of the province is adhered to.
f. Transport requirement through the General Maritime Transport Corporation.

Article 14:

The employees of the institution are excluded from the maximum limits of the compensation provided for in Decree No. 167/Year 1963 and its amendments.

Article 15:

The Director-General shall be entitled to:
a. To entrust individuals working in the enterprise to carry out additional work within or outside the scope of their essential work outside of official time and to grant them compensation in order to do so by decision.
b. To contract individuals who work in or outside the State from engineers, technicians, local and foreign experts, and with bodies, engineering offices and research centres to carry out studies, research or work in favour of the institution.

Article 16:

The institution may apply the law on the collection of public funds and its amendments and the powers that the financial services enjoy under the aforementioned law regarding the procedures for warning, booking and selling reservations to meet their debts, and the official books issued by the institution are considered as warnings. The official implication of the legal effects.

Article 17

The laws and regulations that are in force with the Enterprise and the Bank shall be applied in what is not inconsistent with this law

Article 18:

The Minister shall make the necessary decisions and instructions to implement the provisions of this Act.

Article 19:

This law is published in the Official Journal.

Damascus, 24/5/1398 A.H.
Approved on 1/5/1978

President

Hafez al-Assad

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