Algiers – A significant development for subscribers to the AADL 3 housing program has emerged, offering a new avenue for financing their personal contributions. The Caisse Nationale d’Epargne et de Prévoyance (CNEP-Bank) has launched a subsidized loan product specifically designed for this group, featuring an interest rate of just 1%.
This initiative aims to ease the financial burden on prospective homeowners and facilitate access to housing. The loan is available to both employed and retired individuals enrolled in the AADL 3 scheme, provided they are under 70 years of age and have a net monthly income between 24,000 DZD and six times the national minimum wage.
The financing offers a repayment period of up to 25 years, contingent upon the direct deposit of salaries or pensions into a CNEP-Bank account. Loan disbursements will be aligned with the payment schedules outlined in the AADL program, ensuring that beneficiaries can meet their financial obligations in a timely manner.
This new offering is part of broader government efforts to expand access to housing and provide financing solutions that are accessible to citizens.
In related news, the Minister of Housing, Urban Planning, and the City, Mohamed Tarek Belaribi, has provided further details regarding the AADL 3 program. The initial installment has been set at 343,000 DZD for three-room apartments and 431,500 DZD for four-room apartments, coinciding with the commencement of new housing unit construction projects.
The Minister emphasized that public authorities, under the direction of the President, have approved additional facilities for subscribers, allowing the first installment to be paid in two phases over a period of three months. This extension aims to provide registrants with more time to complete the payment process without difficulty.
Belaribi also noted significant progress in the allocation of tens of thousands of AADL 3 homes across various regions of the country this year, with ongoing efforts to expand the program and ensure a steady pace of construction and delivery of housing units. The AADL 3 program is a key component of Algeria’s subsidized housing initiatives, based on a lease-to-own system designed to enable a wider range of citizens to acquire property.
