By Danielis Fermín Mendoza
SANTO DOMINGO – Every bank offers options tailored to the client's needs. Buying a house or apartment is a dream for many. However, achieving this goal requires significant sacrifice, planning, and the support of financial institutions to acquire the home of their dreams.
Finding the best rate requires research, refinement, and analysis. That's why personal finance experts recommend taking your time to identify the financial institution that offers the best benefits.
It's important to note that buying a home isn't just about the mortgage interest rate. You also need to factor in the appraisal fee, closing costs, and insurance premiums you purchase when you sign the contract. These costs can significantly increase your budget when making the purchase.
El Inmobiliario listed the different averages in the market, taking into account the reference rates published on the various portals of commercial banks authorized by the Superintendency of Banks of the Dominican Republic.
According to its website, Banco de Reservas (Banreservas) has a reference rate of 12.14%. Banco BHD León's rate is 13.95% fixed for 20 years.
At Banco Popular Dominicano they start at 7.35%, at Banco Vimenca at 9%, and at Banco DBI from 8.95%.
Banco Santa Cruz offers two types of interest rates: one in dollars and one in pesos. According to its website, rates for peso loans start at 10.95%, and for dollar loans, they start at 6.41%
Banco Ademi offers interest rates divided into three tiers: minimum (11%), medium (18.75%), and maximum (28%). Additionally, they offer a 28% rate for those looking to improve their homes.
Banco Caribe offers long-term financing solutions designed exclusively for the purchase, construction, or remodeling of your home. Their mortgage rates start at 7.95%.
Those interested in Scotiabank will be able to purchase their home with interest rates in pesos starting at 10.25% and in dollars starting at 6.25%.
Banco Activo offers rates starting at 15.5%, Bancamerica at 13.95%, and Banco Lafise from 11.50% annually.
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