Yesterday, the president of the bank of the Ecuadorian Social Security Institute (BIESS for its spanish acronym ) Fernando Cordero, announced that from December 5th this entitywill handle the entire process of granting mortgages, to decrease the process from seven month to three months.
“We will assume all the steps and procedures for granting these loans, except for Notarial System and Property Registry,” said Cordero at the opening of the Housing fair in Quito.
Cordero said that in 2014, Biess along the Ministry of Housing and Development Bank (BEDE for its Spanish acronym,) will offer housing programs directly with prices lower than $ 30,000, in different provinces.
The homes will be benefited with the “housing bond,” he ensures. He also spoke of offering $ 21,000 houses (subsidized by the Government of $ 6,000.) This would mean a monthly fee of less than $ 120 and that mortgage loans will be extended to 30 years.