24% of the mortgage loans of the La Nacional Association belong to Dominicans residing abroad
Taken from Diario Libre
SANTO DOMINGO-The La Nacional Savings and Loan Associationpresented the facilities they offer in mortgage loans and other services so that Dominicans residing abroad can acquire their home in the Dominican Republic.
One of those advantages is that Dominicans can access a loan without needing to be present in the country, simply by authorizing a family member or trusted person.
In an interview with Diario Libre Gustavo Zuluaga, executive vice president of La Nacional, indicated that the agency is a pioneer in offering a fixed rate for the life of the loan, and in not charging any type of penalty if the person pays off or cancels their loan before the established date.
“The customer can make a payment on their loan without any penalty, and if they decide to cancel the loan before its due date, they can also cancel without any penalty,” Zuluaga said.
“We have an agreement and we act as a payment agency for sending remittances from third parties; many of those Dominicans who took out loans or who want to have their savings, or who want to send their remittances can do so through this channel,” he added.
He also indicated that the rates and variations of the dollar, specifically for Dominicans abroad, do not affect the loan amount.
Obtain the loan while residing abroad
La Nacional is an entity dedicated to promoting savings and financing for mortgage life, which is the dream of every Dominican family, and for more than 40 years it has been developing other instruments to make housing financing more accessible.
Thus, Zuluaga stated that the documents required to apply for a mortgage loan with La Nacional are quite basic; these are:
– Income statement or Income Tax
– ID card or license
– Any other document, credential, or credit history that the applicant wishes to provide
– The power of attorney, if the person is not going to travel to the Dominican Republic to sign the contract in person
“Dominicans living abroad today have mechanisms to channel their financing through a representative, a relative living here, a friend, and with very basic documents, such as proof of income, they can send a power of attorney authorizing a friend or relative to represent them, and through them, they can obtain the loan even while outside the country,” he said. The diaspora trusts in their services
Zuluaga indicated that 24% of his mortgage portfolio belongs to Dominicans residing abroad, in countries such as Italy, Spain and the United States.
“Today, Dominicans living abroad have access to any product, the most important being housing. We want Dominicans with families abroad to be able to fulfill their dream of owning a home. All our housing projects in different locations, with project information, are available online,” he stated. “Over time, we have been able to provide them with financial services even if they don't live here, and when it comes time to sign the paperwork, they can do so when they have the opportunity to return to the country,” he added. Housing and prices
Dominicans abroad can access La Nacional's website to learn about each of the housing projects they have available; however, clients can also select projects that are already built.
The client can search for the housing project on their own, or they can review La Nacional's own project portfolio, with names, sizes, prices, and locations.
“Dominicans abroad usually send a family member to see the project, or the apartment they are interested in, and we show it to them,” Zuluaga said.
At La Nacional they are focused on low and medium cost housing, ranging from 1.6 million to four million, with apartments of approximately 60 meters, with 1 or 2 bedrooms.
Because they are affordable homes, they receive a subsidy of 8% of the initial purchase price, due to the tax exemptions available for this type of housing, which are also accessible to Dominicans living abroad. Other benefits
One of the primary benefits of La Nacional's products and services is providing housing and facilitating access for clients to obtain it. However, Dominicans living abroad can also open an international credit card with La Nacional and pay for their purchases via remittances.
“We have an agreement and we act as a payment agency for sending remittances from third parties; many of those Dominicans who took out loans or who want to have their savings, or who want to send their remittances can do so through this channel,” Zuluaga said.
“Another great value we have been providing to the diaspora is our APP, where they can check their balance, their loan payments, make claims, and that has helped us in this development process, to continue providing services to the diaspora during the pandemic,” he highlighted.
To access mortgage loans, interested parties do not need to have a savings account with La Nacional; however, they can open an account that can help them save for the down payment on their home.
