Housing loans discussed in the recent Anou Palay episode of the Dominican PM

The new episode of Anou Palay: a national broadcast show of Dominican Prime Minister Dr Roosevelt Skerrit was aired on Sunday. In this episode, he discussed more options for young people to construct their own homes.

Prime Minister was joined by Felix Thomas- Chairman of government housing loans board to discuss the affordable loans that are being offered.

The new policies to assist youngsters in constructing their homes are being implemented from October 1, 2020.

Felix Thomas stated that the government housing loans board provides loans to public officers who intend to build a home for themselves and their families. As per Mr Thomas, the interest rates are significantly less on the loans provided by the board.

He added that the maximum duration of paying off the loan is twenty-five years; however, the board encourages people to clear their debt in lesser time. The interest rate on these loans is often 5.5%.

"We always say that you give the citizen a piece of the country and he would remain in the country," added Felix Thomas.

Felix Thomas stated that the necessary documents to process the application are salary slips, identification, letter of appointment from a senior officer, certificate of title, detailed estimates, valuation of the property, a letter of intent from the seller (if buying a property), and some amount of processing fee.