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 proposals from Cadur include increasing the payment terms for housing to 40 years, as well as lowering current interest rates and leaving them at 5 or 6%...and to set the purchase premium at 5% of the value of the house. This way the low-income housing should not cost more than $25 thousand.

More on this topic

Mortgage Credit Growing in Nicaragua

March 2012

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.

Employers and the government are moving towards common positions regarding measures that could ease mortgage lending for low-income families (less than $521 per month) and the construction of affordable housing.

Builders Wary of Interest Rate Hike

September 2012

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.

Alberto Atha, president of the Chamber of Builders of Nicaragua (Cadur), said that a rumor is spreading that some banks will increase interest rates on mortgage loans by between one and two percentage points and the premium could be increased by 15 %. "We are convinced that such a move would affect and stagnate the growth process that the industry is experiencing." ... although the changes are not yet official, they are holding talks with banks asking for these measures not to be applied in the immediate future. "

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.

Salvadoran mortgage portfolio surpasses $2 billion

August 2008

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 (FSV) mortgage portfolio, valued at $878.1 million in July of this year and which corresponds to 121,075 credits for new and used houses, should also be added to the total figure.

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