Costa Rica: $ 2 million For Housing Loans

The Housing Institute has a $ 2 million fund for housing loans intended for the middle class.

Friday, January 7, 2011

"The proposal is part of a pilot program which could be extended to up to$ 11.74 million,” according to the article in El Financiero.

The loans are targeted to households with incomes over $ 500 which can borrow up to $ 62 thousand and households with incomes above the $ 2 thousand for loans up to $ 88 thousand.

More on this topic

Costa Rica: Figures on Housing Loans

September 2016

38% of total bank lending corresponds to housing construction, while 35% is used for buying new homes.

Data from the housing loan portfolio in the domestic financial system shows that the proportion of loans requested by Costa Ricans to build their homes is higher than loans used to buy existing homes.

Housing Loans Up 21% in Costa Rica

December 2014

Between October 2013 and September 2014 the average number of home loans given out per month was 2,659, 21% more than in the same period in 2012/2013.

According to the Superintendent of Financial Institutions, the average amount of loans per customer amounts to $46,694, for buying lots or homes.

$ 10 Million From IIC to La Hipotecaria

November 2010

IIC approved a loan to Banco La Hipotecaria of Panamá and La Hipotecaria in El Salvador.

Both entities are subsidiaries of La Hipotecaria (Holding), Inc.

Funds from the loan will be used to stimulate the growth of the mortgage loan portfolio of these companies.

"With this medium-term loan, the Inter-American Investment Corporation (IIC) will support the financing of residential mortgages in El Salvador and Panama, focusing resources on end users of middle and lower middle income in order to help improve access to finance of these large segments of customers," said Marvin Guevara, Investment Officer of the CII.

Preferential Mortgages Extended by 5 Years

December 2011

The Panamanian government has extended for another five years preferential mortgage loans previously registered with the Department of Revenue.

A press release from the Ministry of Economy and Finance of Panama reads:

Preferential mortgage loans previously registered with the Department of Revenue of the Ministry of Economy and Finance, are to be extended for five more years, as was established by Act 8 of 2010 and as has been regulated by Executive Decree # 539 of 30 November 2011. The standard applies to loan contracts which are in the first ten years of their term at the date when the regulation becomes effective.

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