30-year Mutual Credits

Costa Rican mutuals will now be able to offer housing credits for 30-year terms, double what the law previously permitted.

Tuesday, June 9, 2009

As soon as the Law of the National Financial System for Housing reform is officially published, the two mutuals that operate in Costa Rica—the Alajuela Housing Mutual Group and Mutual Cartago (Mucap)—will be able to offer mortgages with 30-year terms. This reform was already approved by the Legislative Assembly.

The manager of the Alajuela Housing Mutual Group, Oscar Alvarado, commented to Elfinancierocr.com that he "is not thinking about launching a special program with a 30-year term, but rather they want to offer the option to current clients (through credit readjustments) and new clients."

More on this topic

Costa Rica: Credit for Housing Up 10%

May 2016

Competition, interbank interest rates and a stable exchange rate are the reasons for the growth of the housing loan portfolio in the first quarter of 2016.

An article on Elfinancierocr.com reports that "... Housing credit has been growing at safe rate since the start of 2016 and this market is expected to remain this way for the rest of the year ...

The Bank of Costa Rica and the New Housing Act

July 2013

The new law eliminates the minimum legal reserve amount required by the Central Bank of Costa Rica (15%) for funds destined for home loans.

The application of the new law for middle class housing signed yesterday by the Costa Rican government is in the hands of financial institutions who provide loans for house purchases, which still must consider what returns they will obtain.

Growth in Supply of Housing Loans in Costa Rica

August 2010

The banking system has increased its range of mortgage credits with terms of up to 30 years in both dollars and colones, the local currency.

The Costa Rican banking system's housing credit portfolio makes up 31% of 31% of all non-financial private sector loans, measured in colones. As of May year on year sector growth stood at 3.71%, according to the Central Bank.

Honduran Banking Incentivizes Credit

June 2009

The financial system, set against a surplus of $1.5 million in liquidity, offers better credit conditions.

Expediency in the approval process, lower interest rates, and extended payments terms are some of the incentives they are offering.

La Prensa publishes in its web portal: "As an additional service, applicants have the option to consolidate all their financial obligations into a single account."

 close (x)

Receive more news about Finance

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones

Macy's store stock clothing from US

We are offering store stock, Jobout, Customer returns women's, men's, children's clothing, accessories, shoes and many other categories from Macy's store.
Store Stock. Jobout. Customer returns. Categories: -...

Stock Indexes

(Aug 30)
Dow Jones
S&P 500


(Oct 24)
Brent Crude Oil
Coffee "C"