How to Dynamize the Social Housing Construction?

For the construction guild, in El Salvador it is essential to improve the financing conditions offered by banks to give greater impetus to the construction of low-cost housing.

Friday, January 18, 2019

In December of last year, the Salvadoran Chamber of the Construction Industry (Casalco) announced that they were preparing a law proposal, which contemplated the approval of preferential interest rates on loans for home purchases.

This week, after a meeting between representatives of Casalco and authorities of the Ministry of Public Works (MOP) and the Central Reserve Bank (BCR), the private sector insisted to the authorities on the pending issues of this management.

The guild has developed a proposal called the "Housing Inclusion Law", which consists of banks offering a lower interest rate to the end user or buyer of the home and the differential would be covered by the government, as a subsidy.

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The executive director of Casalco, José Antonio Velásquez, explained to Elsalvador.com that "... Greater attention must be given to the social housing market sector. We haven't seen that in recent years. What we have witnessed is a lot of high-rise construction, which we know is going to continue, but we would like to see social interest housing built and sold.

Velasquez added that "... Casalco's project proposes incentives to acquire land or properties to build houses and 'that people can have timely financing so that with two or 2.5 minimum wages they can access these credits.

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More on this topic

Proposal to Dynamize the Construction Sector

December 2018

The builders' guild in El Salvador is preparing a law proposal, which provides for the approval of preferential interest rates on loans for home purchases.

The proposal to be presented by the Salvadoran Chamber of Construction Industry (CASALCO) will be applicable for bank loans to low- and middle-income families who purchase their first home.

More Credit Requested in El Salvador

March 2012

Employers have suggested that the Social Housing Department raise the ceiling for lending to $125,000, in order to create opportunities for lower-income segments.

The Salvadoran Chamber of the Construction Industry (Casalco) has proposed that the Social Housing Fund (FSV) increases to $125,000 its lending ceiling, seeing as it is now being analyzed, reported Elmundo.com.sv.

Incentives for Housing Construction Proposed

June 2009

Legislation in El Salvador proposes preferential interest rates for the purchase of new housing with costs between $15,000 and $60,000.

The Salvadorian Chamber for the Construction Industry (Casalco) presented to the Legislative Assembly a government bill that would encourage low-income families to purchase new housing in the range of $15,000 to $60,000.

Salvadoran Construction Chamber requests $375 million

November 2008

The group proposes that housing and public works be reactivated in order to face the crisis and revive the economy.

Yesterday, the Salvadoran Construction Chamber (Casalco) proposed a preliminary plan (Law of Preferential Interest Rates), which would require $375 million for housing which would be financed by commercial and state banks.

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