He mentioned that continuous training in finance is key to knowing how to cope with economic fluctuations.
By Pedro Ardón
El Inmobiliario
SANTO DOMINGO.– Economist and financial educator Liliana Rodríguez said this Thursday that the increase in housing prices, especially in urban areas like Santo Domingo, has been a challenge in recent years.
“This increase has been driven by speculation in the real estate market and the rise in the cost of construction materials,” the specialist said.
Despite this, he announced that the authorities are promoting measures such as fixed rates for seven years for homes up to 5 million pesos, which will facilitate access to property ownership for more people.
In an interview on the program El Día, Rodríguez detailed strategies on how Dominicans can take advantage of fixed interest rates, negotiate mortgage loan terms, and manage their personal finances efficiently.
About mortgage loans
The educator emphasized the importance of taking advantage of fixed interest rates during the first few years of a mortgage, especially for long-term loans. This is because, according to the speaker, the initial portion of the loan payment typically goes toward interest. Therefore, she recommended making additional payments toward the principal, which can reduce the total amount of interest paid over time.
He also referred to existing loans, noting that there is the possibility of negotiating the interest rate with banks, depending on the market situation and the policies of each financial institution, although the Central Bank resolution - to which he referred - focuses mainly on new loans, there is the possibility of renegotiating their conditions.
Rodríguez explained that the resolution limiting financing for new homes aims to reduce interest rates in the real estate sector, a key area for the country's economy.
However, this measure does not affect other types of loans, such as vehicle or personal loans. “Forty percent of the released funds will be allocated to low-cost housing, representing an opportunity for families seeking access to more affordable properties,” he stated.
He also briefly emphasized the issue of early mortgage payments, warning that those interested should carefully review the terms of their contracts, as some banks may offer refunds or additional charges if payment is made before the due date.
Regarding low-cost housing,
the speaker also addressed the topic, recommending that buyers of low-cost homes choose projects validated by trust companies, as these entities ensure the transparency and legality of construction projects. Furthermore, they guarantee that resources are managed correctly and that builders have all the necessary permits.
Rodríguez emphasized that the financing programs for low-cost housing are intended for people with monthly incomes between 70,000 and 100,000 pesos, and that, to qualify, the property must be purchased as a first home. Beneficiaries commit to living in the property for at least 10 years.
About financial planning
Lilian emphasized the importance of financial planning, recommending that young people start saving from their first job to have a larger down payment when buying a home. "With a larger down payment, you can reduce both the monthly payments and the interest you pay," she noted.
On another note, she addressed the issue of double salaries, suggesting the 50-30-20: allocate 50% to needs, 30% to wants, and 20% to savings. This strategy can be helpful for better managing bonuses and avoiding overspending during the holidays.
