Nicaragua: Developers propose a Mortgage Fund to the Government
The Chamber of Nicaraguan Housing Developers (Cadur) proposed to the Government and to the Association of Private Banks, the creation of an Insured Mortgage Fund.
Tuesday, August 19, 2008
Said Fund will help to provide legal security to the banks and create an increase in housing projects.
The National Housing Plan is paying off, and the Chamber of Developers and the government is working to make banks more flexible with credit for urban social interest projects.
In light of rumors over possible changes to mortgage conditions, Nicaraguan real estate developers are asking the country's banks not to go through with them because they would affect the sector’s growth.
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 banking system has a mortgage portfolio that surpassed $2 billion, according to a study presented by the Multi-sector Investment Bank.
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