El Salvador Reduces Mortgage Interest Rates
The government reduced interest rates for the purchase of new homes and social interest housing.
Thursday, January 27, 2011
For the informal sector, the annual interest rate for new home purchases of up to $ 20.000 went from 14.5% to 8%, and for homes over of $ 28,500 the rate dropped to 9%.
The banking system has a mortgage portfolio that surpassed $2 billion, according to a study presented by the Multi-sector Investment Bank.
The Social Housing Fund wants to revive the housing market by reducing interest rates for the purchase of new or used homes by 5.5%.
The Social Housing Fund of El Salvador has raised the maximum amount for loans to $ 125,000, following a request of the Salvadoran Chamber of Construction.
For the period covering the final year of the current presidential administration, the Social Housing Fund has budgeted nearly 68 million dollars to be invested in financing new housing.
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