Banks lend 3735 million to build low-cost homes |

Santo Domingo, May 2nd. – Commercial banks disbursed 3,735.6 million pesos for the construction of low-cost housing, after the Monetary Board approved 21,424.4 million pesos for these purposes last February.

The Central Bank stated in a statement, on Tuesday, that the disbursed amount was used to grant 1,034 loans to the same number of families as part of the program to release the legal reserve for financing low-cost housing.

The agency added that the loans carry a rate of 9% per annum for a period not exceeding five years, which allows more flexible financial conditions for obtaining decent housing for segments of the population that are less well-off and traditionally excluded from the financial system.

In addition, 20 loans were granted for the construction of low-cost homes, financing 19 construction companies for the amount of 1,255.2 million pesos, with an interest rate of up to 9% per annum for a period of not more than two years. years.

The released legal reserve resources for low cost home loans are the exclusive proprietary funds of the financial intermediation entities, based on the amount of liabilities subject to the respective legal reserve.

These entities have the power to choose the beneficiaries of the loans they grant, according to the credit profile of each debtor, based on the conditions required by the Monetary Council and the Central Bank.

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