Special Housing Scheme - Venezuelan
The Government of the Commonwealth of Dominica has obtained a line of credit from the Government of the Bolivarian Republic of Venezuela for a special housing program with low interest rates. The eligibility criteria, terms and conditions of this program are as follows:
Do you qualify?
Eligible Borrowers are persons from Statutory Bodies, Banks and other Private Sector businesses receiving maximum monthly salaries of $2,000 for single persons and $3,000 for joint incomes.
Loan Terms and Conditions
| Loan Amount: | Maximum of $220,000 |
|---|---|
| Installment/Salary Ratio: | Maximum of 40% of your salary |
| Interest Rate: | 5 percent on the reducing balance |
| Grace Period (Interest): | 6 months |
| Repayment Period: | 20 – 30 years depending on age of customer |
| Examples: | Single Income Salary $2,000 (40% ratio = $800) Loan size $120,000 Installment $791.95 (20 years) Single Income Salary $2,000 (40% ratio = $800) Loan size $149,000 Installment $799.86 (30 years) Joint Incomes Salary $3,000 (40% ratio= $1,200) Loan size $180,000 Installment $1,187.92 (20 years) Joint Incomes Salary $3,000 (40% ratio = $1,200) Loan size $220,000 Installment $1,181.01 (30 years) |