Panama: Preferential Interest Rates for Houses up to $40,000

An amendment has been made to Act 3 of March 1985, which establishes a preferential interest rate system on mortgages, increasing the limit of the first band from $35,000 to $40,000.

Wednesday, March 27, 2013

From a press release issued by the Ministry of Economy and Finance (MEF) of Panama:

The Bill No. 567, amending an article of Act 3 of 1985, which establishes a preferential interest in certain mortgage loans and modifies the first band for preferential interest loans, from $35,000 to $ 40,000, was approved on its third reading by the plenary of the National Assembly, said the Minister of Economy and Finance, Frank De Lima.

More on this topic

Preferential Interest Law for Housing Sanctioned

September 2013

In Panama, preferential interest has been extended to projects whose value is not greater than $80 000, where previously they could not exceed $65,000.

From a press release from the National Government of Panama:

With the aim of encouraging housing construction and maintaining the momentum of investment in infrastructure needed to alleviate the demand for housing and allowing more Panamanians to have access to these projects, President Ricardo Martinelli has passed Act 63 amending preferential interest rate loans.

Preferential Interests Rate on Housing up to $80,000

August 2013

The Panamanian Congress is debating a bill which would raise the ceiling for home purchase loans with preferential interest rates of 4% to $80,000 .

From a press release issued by the Ministry of Economy and Finance in Panama:

The law, which amends the second tranche of preferential interest rates for home loans home valued at an amount of between $40,000 to $80,000, was approved in its first debate in the Committee of Economy and Finance of the National Assembly.

Panama: Preferential Interest Rate Law Changes

March 2012

The National Assembly has given the final approval to increase ceiling rate for preferential interest to $120,000, which will have a direct impact on the housing market.

The plenary of the legislature approved on third reading bill no. 241, by which the ceiling for preferential interest rates has been increased to $120,000 reported

Boost to Middle Class Housing in Panama

January 2012

President Martinelli announced that the maximum value for a property to be considered for the preferential interest rate will be increased to $120,000.

The measure must be passed in the National Assembly by amending the act, which is expected to happened very quickly.

A current limit of $80,000 has been established as the maximum value of homes that can be financed under the law, which allegedly has led to low-quality housing solutions being built to keep costs within that range.

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