30-year Mutual Credits
Costa Rican mutuals will now be able to offer housing credits for 30-year terms, double what the law previously permitted.
Tuesday, June 9, 2009
As soon as the Law of the National Financial System for Housing reform is officially published, the two mutuals that operate in Costa Rica—the Alajuela Housing Mutual Group and Mutual Cartago (Mucap)—will be able to offer mortgages with 30-year terms. This reform was already approved by the Legislative Assembly.
The new law eliminates the minimum legal reserve amount required by the Central Bank of Costa Rica (15%) for funds destined for home loans.
The banking system has increased its range of mortgage credits with terms of up to 30 years in both dollars and colones, the local currency.
The financial system, set against a surplus of $1.5 million in liquidity, offers better credit conditions.
Competition, interbank interest rates and a stable exchange rate are the reasons for the growth of the housing loan portfolio in the first quarter of 2016.
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