Costa Rica: Banks toughen access to credit for real estate

Financial companies are trying to protect their capital against a possible further rise in interest rates.

Friday, June 6, 2008

Access to loans within the real estate sector will be more rigorous. The old refrain, "Better to prevent than lament" is being applied at some local banks, as one of the results of the sub-prime crisis in the United States.
The banks' goal now is to manage portfolios carefully in case there are more increases in interest rates, and thereby protect their capital base.

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 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 ...

Mortgage Interest Rates in Costa Rica Touch Floor

July 2013

From the 14% recorded last September, interest rates for housing loans in colones are down to 10%, a figure at which the indicator seems to have settled.

Several factors have influenced this behavior:
There have been no significant changes in the passive base rate, which many home loans are linked to.

Increased Availability for Home Loans in Costa Rica

March 2011

Despite contraction in the construction sector, banks and other lenders are increasing their offers.

The bank´s credit portfolio is the largest offered over the last three years as reported by the Costa Rican Banking Association.

"In Expoconstrucción, which begins next Sunday at Pedregal (San Antonio de Belén), banks will try to hook new customers with fixed rate programs, remission of fees and payment terms of up to 30 years" informed, “Nine financial institutions will be present at the fair ...".

State banks in Costa Rica to lower interest rates

February 2009

The three State Banks, the National Bank, the Bank of Costa Rica and the Credito Agricola Bank, will introduce mechanisms for lowering credit rates. reports on its website: "The National Bank is in the process of defining what will be the specific procedures and policies in order to deal with the most urgent needs of clients," said the manager of the bank, William Hayden, in brief written response to this paper."

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