Banks lend 3735 million to construct low-cost houses | AlMomento.web

Santo Domingo, Could 2nd. – Industrial banks disbursed 3,735.6 million pesos for the development of low-cost housing, after the Financial Board authorised 21,424.4 million pesos for these functions final February.

The Central Financial institution said in an announcement, on Tuesday, that the disbursed quantity was used to grant 1,034 loans to the identical variety of households as a part of this system to launch the authorized reserve for financing low-cost housing.

The company added that the loans carry a price of 9% each year for a interval not exceeding 5 years, which permits extra versatile monetary situations for acquiring respectable housing for segments of the inhabitants which can be much less well-off and historically excluded from the monetary system.

As well as, 20 loans had been granted for the development of low-cost houses, financing 19 building firms for the quantity of 1,255.2 million pesos, with an rate of interest of as much as 9% each year for a interval of no more than two years. years.

The launched authorized reserve assets for low value residence loans are the unique proprietary funds of the monetary intermediation entities, primarily based on the quantity of liabilities topic to the respective authorized reserve.

These entities have the facility to decide on the beneficiaries of the loans they grant, in accordance with the credit score profile of every debtor, primarily based on the situations required by the Financial Council and the Central Financial institution.