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Mortgage Loans Form 4% of the GDP

Published: September 9, 2013 | 1:12 pm
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In an exclusive interview given to TV3, Thomas Lubeck of the International Finance Corporation has stated that mortgage loans in the banking sector form a mere 4% of the gross domestic product, which is a very low figure. The IFC has recently provided Bank Republic with a $20 million loan which the bank must use during the next 10 years to expand its mortgage lending programme. Christian Carmagnolle, the CEO of Bank Republic, has stated that the IFC loan will make it easier for consumers to obtain mortgage loans. According to Mr. Lubeck, the IFC aims to make mortgage loans more accessible for the local population.
The issue of mortgages has also had a response from the construction sector. According to the head of the company Kid Architecture, the banks are proactive in offering mortgage loans, but in frequent cases their policies are rigid, and their terms very strict.

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