عربي Available loan types:
- Micro business loans
- Micro Plus business loans
-Very Small business loans VSE
-Small Enterprise loans
-Green loan
-Special needs loan
- Special loans to support migrants and displaced persons
Available loan types:
- Micro business loans
- Micro Plus business loans
-Very Small business loans VSE
-Small Enterprise loans
-Green loan
-Special needs loan
- Special loans to support migrants and displaced persons
• You can apply by visiting our offices.
• Call our customer service center at 07822909192 and submit your request.
• Message us on our official CHF Vitas Iraq Facebook or Instagram pages.
• Contact us on our website www.vitasiraq.com or through the CHF Vitas Iraq mobile application.
To apply for training, qualification, and borrowing, the applicant must meet the following conditions:
• Must be at least 21 years old and not older than 60 years old.
• Must have been in business for at least two years. Applications from businesses younger than two years will be considered if the applicant has extensive experience in their field and has an alternative source of income.
• The applicant's project or home must be located in the governorate where they are applying for the loan.
• The applicant's request will be subject to creditworthiness and credit analysis through field visits and credit analysis.
• The applicant must have the ability and commitment to repay the loan on time.
• The applicant must secure enough guarantors with proof of their income.
• If a government employee applies for a home improvement loan, they must be the owner of the home and provide official documents proving their ownership.
• The project must be legal and acceptable.
• National ID card - or passport if the national ID card is not available.
• Residence card - or proof of residence if a residence card is not available.
• Employee ID and proof of salary for the borrower (if they are an employee)
• Chamber of Commerce ID - if available.
• Property deed or rental agreement for the project.
The CHF offers flexible loans starting at 1,500,000 Iraqi dinars for a period ranging from 12 to 48 months. The amount and duration of the loan are based on the borrower's needs, ability to repay, the purpose of the loan, and their credit history.
A percentage is calculated on the request (a commission-based deduction) as member fees and administrative costs, paid upfront before borrowing. These costs vary depending on the type and size of the project and, consequently, the type, size, duration, and cycle of the loan. The deducted amount is used to cover operational costs.
Payments are made monthly, with a schedule set by the CHF. You need to make payments at designated points spread across cities where we have branches, or at specific banks, according to the payment schedule provided when you receive your loan.
Once the customer has submitted all the loan requirements and has been visited by the institution's representatives, depending on the loan amount and type, the loan officer will inform the customer of the decision within five days of the visit.
A customer is only allowed to apply for one loan from the institution at a time. This means they can only apply for a second loan after fully repaying the previous one.
The loan process is free and the customer does not bear any fees or commissions or transfer expenses, inspection or others. The institution is notified if any fees or commissions are requested by any person from the institution.
Yes, we have loans specifically designed for Muslim borrowers, with no periodic or accumulated interest. This means that the loans are repaid with the same amount, and a small, proportional amount is deducted upfront as a fee for the application and administrative expenses. This amount varies from loan to loan depending on the type of loan, its size, duration, and cycle. The application fee and expenses (as a lump sum from the initial loan) are deducted upfront, which is in accordance with the Islamic legal opinion we have obtained. This legal opinion addresses all situations the institution may face. It deals with matters of customer interaction and handling the institution’s employees. The legal opinion is final and cannot be amended or revoked.
The Cooperative Housing Foundation is a non-profit, non-governmental organization. It directs revenue and expenses to ensure the sustainability of its operations and its operational costs.
All loans are insured by the insurance company. In the event of the borrower's death or total disability, the borrower is exempted from paying the remaining loan balance. This means that their family and guarantors are also exempted from paying the remaining debt. This insurance is mandatory and equates to 1% of the loan amount. It is deducted upfront when the loan is disbursed.
• An employee in any state department
• An owner of a project to which the conditions apply
It's not allowed for the guarantor or borrower to guarantee two loans at the same time.
· Civil status ID - Iraqi citizenship certificate – Housing card or endorsement - Ration card if available, or National ID card "photocopy + original".
· Salary statement addressed to CHF Vitas Iraq, stating the value of the current salary and proving the continuity of service, or a salary slip (original) stating the date of issuance of the slip.
· Note that the validity of the salary statement or slip is three months from the date of issue.
The guarantor shouldn't have any outstanding loans with the CHF Vitas Iraq. Once the guaranteed loan is fully paid, the guarantor can apply for a loan from the institution if they are eligible.
The guarantor is only allowed to guarantee one borrower during the loan period.
The old guarantor can be replaced with a new one whose ability to pay is equal to or greater than that of the old guarantor. The guarantor is changed in the following cases:
- If the guarantor dies,
- If the guarantor moves out of the province,
- If the guarantor becomes unemployed,
- If the guarantor wants to apply for a loan or wants to stop guaranteeing the customer for other reasons.