Dominican banks approved 11,195 mortgages for RD$27.05 billion for the purchase of new homes and remodeling from January to September 2014. The average interest rate was 10.41%. The figures are included in a recent report from the Superintendence of Banks that said that 10,138 of the loans were granted to first time homebuyers, or RD$24.46 billion.
The banking system made 359 new loans for RD$1.08 billion for purchasing a second home or a vacation home. For remodeling of homes, the banks issued 698 loans worth RD$1.5 billion, as reported in Listin Diario.
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