The Asociacion Popular de Ahorros y Prestamos (APAP) "People's Association Savings and Loan" announced financing of 90% of the value of homes with up to a term of 30 years to pay. Mortgage facilities include in addition, optional life insurance and financing of closing costs.
According to the banking institution, these conditions position APAP as the entity in the forefront of the financial system with greater benefits in the mortgage product, reaffirming its leadership in the sector.
As an example a memorandum of the institution explained that: "A family that wishes to acquire a home of RD $ 1.5 million pesos, will only have to make a down payment of RD $ 150,000 to qualify for a loan with monthly payments of RD $ 16,000 pesos. "
He explained that APAP extended mortgage facilities for more families to buy their own home. "You put 10% and the rest is on us, is how APAP massively communicate the offer to its mortgage potential customers.
APAP assets amounted in 2010 to RD $ 35.09 billion, a growth of RD $ 6.09 billion, up 21% this past year.
The deposits were RD $ 26.4 Billion for an increase of RD $ 5.2 Billion equivalent to an increase of 24%.
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Now you know why Dominicans buy cash on hand, rather than get financing from a bank...
According to the banking institution, these conditions position APAP as the entity in the forefront of the financial system with greater benefits in the mortgage product, reaffirming its leadership in the sector.
As an example a memorandum of the institution explained that: "A family that wishes to acquire a home of RD $ 1.5 million pesos, will only have to make a down payment of RD $ 150,000 to qualify for a loan with monthly payments of RD $ 16,000 pesos. "
He explained that APAP extended mortgage facilities for more families to buy their own home. "You put 10% and the rest is on us, is how APAP massively communicate the offer to its mortgage potential customers.
APAP assets amounted in 2010 to RD $ 35.09 billion, a growth of RD $ 6.09 billion, up 21% this past year.
The deposits were RD $ 26.4 Billion for an increase of RD $ 5.2 Billion equivalent to an increase of 24%.
=============================================================
Now you know why Dominicans buy cash on hand, rather than get financing from a bank...