Scotiabank announced it would be offering 30-year mortgages at an annual interest rate of 23%. These can be approved in 24 hours and can finance up to 80% of the dwelling. In its campaign announcing the new financing scheme Scotiabank’s Luis Miguel Hejaime says he is responding to complaints that in the DR it was easier to get a loan to buy a vehicle than to buy a house. Normally, mortgage bank loans take more than a month to be approved and are for shorter terms.