The Daily Journal.- Banco de Venezuela (BDV), the country’s leading financial institution, has launched a digital application process for housing loans aimed at families affected by the June 24 earthquakes as part of the government’s Venezuela Renace Fund program.
The program offers financing and government subsidies for home purchases, with terms that vary by property value. For homes priced at up to $70,000, the government will cover 80% of the purchase price, while the beneficiary will assume the remaining 20%. For homes priced between $70,000 and $100,000, the government will provide a 50% subsidy.
In both cases, borrowers will have 25 years to repay the loans, including a 12-month grace period, at an interest rate of 5%, under the terms acting President Delcy Rodríguez announced in early August.
BDV Vice President of Integrated Business Francesca Alessandrello said the bank will respond to applications within a maximum of five days after beneficiaries submit the required documentation.
The program aims to address the aftermath of the two magnitude 7.2 and 7.5 earthquakes that struck on June 24, killing more than 6,400 people and causing 186 buildings to collapse, according to figures provided by authorities.
The Venezuelan government also aims to deliver 4,000 new homes by the end of 2026, while more than 15,000 people remain in temporary shelters set up following the emergency.
