Proposal to Dynamize the Construction Sector

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.

Monday, December 3, 2018

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.

See "$1.500 million investment in residential projects"

Giuseppe Angelucci, president of CASALCO, explained to Laprensagrafica.com that "... If we review the financial models of the region's and the world’s countries, everyone is contemplating benefits for the least favored families, allowing them access to mortgage loans with affordable payments'."

You may be interested in "Construction: $100 Million for New Projects"

According to the union president's estimates if the law is implemented, in five years 31,000 houses would be built and 200,000 direct and indirect jobs would be generated.

Laprensagrafica.com adds that "... CASALCO is also working on a law proposal for incentives in taxes such as income tax, property transfer tax and import taxes on materials, machinery and equipment to boost the growth of the construction sector."

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More on this topic

How to Dynamize the Social Housing Construction?

January 2019

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.

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.

El Salvador: Preferential Rates for Mortgage Credits

June 2014

A bill on preferential interest rates suggested by the industry would reduce the cost of a home loan by up to 50% and boost construction in the country.

In order for the construction sector to recover from a 2013 that ended with a negative number it is necessary to reduce interest rates on mortgage loans so that more people are able to buy a home, therefore the business sector is recommending a proposal for a law on preferential interest, which was proposed more than six years ago.

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.

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