Cuba: Banking Loans to Better up Housing Stock

With the purpose of contributing to ameliorate housing stock in Sancti Spiritus, central Cuba, since last December 20^th, natural persons may accede to banking loans in order to acquire construction materials and a means to pay the labor force used to repair, rehabilitate or build dwellings. Those requiring the service must bring in a credit application where they state the guaranties to be presented.

By Mary Luz Borrego Diaz

Yeney Ceballos, from the Popular Saving Bank (BPA), explained to Escambray that those requiring the service must bring in a credit application where they state the guaranties to be presented, and their ID.

“It’s necessary to make clear that these are not social credits. Loans will be provided to those who can prove that their incomes may assume a debt, to those having guarantors or save accounts to offer some guarantee, or to those whose salaries allow them to ask for loans”, noted the executive.

For this type of loans, the presentation of two guarantors or a save account will be demanded. In case the save account may support the 100% of the loan, the two guarantors won’t be needed; if the save account assumes up to a 60% of the loan, a guarantor will be required; if the account does not support the 60%, two guarantors will be required.

In every case the bank will analyze the risk factors, which includes the solicitor and the two guarantors, their capacities to pay, their credit score, the labor stability among other elements.