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Cheaper home loans
posted on: Jun 26 2010 8:20 by Royston. Viewed 312 times.
The National Bank for Housing Development and Construction ( BNV ) has reduced interest rates by 2% for new housing projects. The rates cut from 10.95% to 8.95% is being offered to developers who build affordable housing, defined by selling prices of up to RD$2 million.
The resolution was made by the Committee of Management of Assets and Liabilities on the initiative of General Manager of the BNV, Federico Antun Batlle.
Batlle said that with this decision, the authorities seek to help poor and middle class families to purchase their homes at affordable prices and in line with their ability to pay.
"With these incentives the BNV will have a greater market share of financing in the mortgage industry," emphasized Antun Batlle.
Currently, BNV offers funding of up to 90 % of the value of the home and with 30 years to pay.
The provision was taken at a time when the Association of Home Builders and Developers, Acoprovi, demanded a change in policy to promote housing construction, in order to reduce the housing deficit which is estimated at about 900,000 units.
The National Bank for Housing Development and Construction said there are many projects that fit their lending criteria such as, Prado de la Caa on the Mella road, Colinas del Arrollo I and II, on la Avenida Jacobo Majluta, Hato Nuevo, in Manoguayabo; and Colinas de Jacagua in Santiago de los Caballeros.
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