El Salvador: Will simplify credits to buy homes

The approval of the credit terms and conditions to acquire a home is part of the strategy promoted by the Fondo Social para la Vivienda (Social Housing Fund) to increase the loan coverage.

Monday, October 20, 2008

The credit policy also seeks to reduce the deficit of social interest housing, assured the president and executive director of the FSV Enrique Oñate Muyshondt yesterday.
The improvements include the increase of the credit sums from 14,000 to 50,000 dollars; premiums of 2, 3, and 5 percent (depending on the building's cost); no commission fee for processing, valuation, and administration of the loan; low payments and interest rates from 7.97% to 9.25%.

More on this topic

Low Levels of Social Housing Construction

January 2013

The Social Housing Fund (Fondo Social para la Vivienda) in El Salvador will keep the interest rate for social housing construction at 6%.

Francisco Guevara, president of the Social Housing Fund (FSV by its initials in Spanish), explained that this was because the housing supply was less than expected due to red tape delays.

Salvadoran Housing Fund Allocates $343 million

May 2009

In five years, the fund has awarded 34,195 loans that have benefited 179,900 people.

Enrique Oñate, president of the institution stated that the next administrator should define new sources of funding for the institution.

Journalist Irene Valiente reported the statements of Enrique Oñate in Laprensagrafica.com: "Loan amounts were between $14,000 and $75,000 for workers with incomes of up to 2.5 times the minimum wage."

El Salvador raises housing loans to $75,000

December 2008

The president of the Social Fund for Housing announced the expansion of financing for housing of up to $75 thousand.

Interested parties can qualify for said amount for a new or used house, debt transfer or personal construction.

"Risk agencies tell us that we have a high concentration for only a part of the population.

Salvadoran housing fund increases credit coverage

November 2008

The Social Housing Fund announced that it has increased its credit coverage to attend to other Salvadoran segments.

These include Salvadoran abroad, retirees, IPSFA members and workers with variable income, independent workers and professionals, business people, people with businesses at home and micro, small and medium sized business owners.

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