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State bank announces 7.5% rate for homes of up to US$97,500

Santo Domingo.. – Dominican Republic’s State-owned bank (Ban-Reservas) on Wednesday announced a 7.5% interest rate for low-cost homes of up to RD$4.0 million (US$97,500).

Reservas administrator Vicente Bengoa said the rate, which stems from the Monetary Board’s release of bank reserves, will increase to 8% in the second year, and 8.5% in six years.

He said industry can access loans with rates from 7 to 9%, from 7.5 to 9% for the agro sector and 9% for consumer loans, all subject to a risk assessment on the applicant.

In a news conference held at Ban-Reservas headquarters on Churchill Av., the official said the funds should be available by July.

Source: Dominican Today

Category: DR News |

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Last updated October 22, 2016 at 2:00 PM
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