Real Estate in Guayas signed agreements with the BIESS

In order to decrease the time it may take to materialize a mortgage pending, last Tuesday at a meeting between the president of the Bank of the Ecuadorian Institute of Social Security (BIESS for its Spanish acronym), Victor Hugo Villacres, and several entrepreneurs of nine real estate companies of Guayas, signed agreements for a total of 23 housing projects.

Villacres said there have been cases where a mortgage loan took about fourteen days and in others, little more than ten months; which is why, he said, real estate companies will be allowed to make the process of setting up the mortgage.

“They’ll take the mortgage process from the time of the appraisal to the delivery of disbursement. This allows annexes mechanisms to those we already had (in) the Biess in order to function in a much faster way,” he said.

Villacres emphasized that currently 97% of the mortgage loans granted is less than $ 100,000. According to figures from the bank, of the total 71,336 loans granted, 22,543 were made for houses of up to $ 30,000; 30,805 for houses up to $ 60,000; 15,684 for houses up to $ 100,000; and 2.304, for houses above the $ 100.000.

Victor Villacres (right) met with several entrepreneurs from real estate companies.