Credit for housing restricted in Nicaragua

The Banking Superintendence issued a ruling ordering that starting January credit that is greater than 40% of the salary of the person requesting the loan should not be granted.

Thursday, December 18, 2008

This is applicable to requests for financing for housing or consumption, confirmed the head of the entity, Victor Urcuyo.

The measure, according to the president of the Chamber of Developers (Cadur), is threatening to sink developers even more, as they are facing collapse due to the increase in interest rates.

More on this topic

The Banco Popular Bank in Costa Rica reactivates housing and consumer credit

January 2009

The bank hopes to offer $548 million in loans for consumption, housing and development in 2009.

Nacion.com reports that "this year the bank hopes to offer $381 million (¢213 billion) in consumer loans and $55 million (¢31 billion) for house construction or purchase.

The Bank will also set aside $148 million (¢82.7 billion) in loans for development."

Financial crisis starting to affect Nicaraguan Banking

December 2008

The effects are already visible, there is a strong reduction in the credit for housing and vehicles, as well as a restriction of credit cards.

This was confirmed by representatives of the sector, after participating in presentation of the fourth report on the economic situation by the Nicaraguan Foundation for Economic and Social Development, Funides.

Nicaraguan banks to increase interest rate for housing.

August 2008

Banks will raise the interest rate for housing loans by one point. Currently the rates are at 9.5% (fixed rate) and 10.5% (variable rate).

The President of the Chamber of Urban Developers of Nicaragua, Alfonso Silva, said that the country's interest rates for housing is the highest in the region, not to mention having the lowest financing offers.

Costa Rica: Banks restrict housing credit

August 2008

Because of fluctuations in the exchange and interest rates there is more reluctance to provide financing.

After a period of credit surplus and very attractive financial conditions for borrowers, financial entities are now taking a more conservative position with regard to risk, and, in many cases, reducing the amounts that are financed through bank loans.

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