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Colombian law offers two property shields Family Home Designation and Inembargable Family Estate varying by marital and child status.

Davivienda will use the funds to provide financing for mortgage loans within Colombia's VIS and VIP programs.

The funds will significantly reduce the interest rate of some 77,000 mortgages that officials say will be generated by plan.

Colombia’s largest bank Bancolombia this week lowered the interest rates on its mortgage offerings by up to 150 basis points. According to the Medellín-based financial institution, this move means its rates now start at 0.76% monthly, or 9.6% on an annual basis. The bank said...