Between July and October 2020, the number of people in El Salvador exploring mortgage options online increased by 18%, and the number of Costa Rican consumers looking to buy credit cards decreased by 60%.
CentralAmericaData's interactive platform Consumer Insights monitors in real time the changes in consumer habits in all markets in the region and in other Latin American countries, with fundamental information to understand their behavior, new trends and anticipate eventual changes in their purchase patterns.
Although the Guatemalan economy has almost stagnated in recent months, during the first half of the year the number of loans granted for the purchase of residences grew 3%, and by 2021 it is predicted that sales could be similar to those of 2019.
The social distancing measures and the prohibition of several economic activities decreed by the authorities due to the covid-19 outbreak, caused considerable negative effects to the Guatemalan real estate market.
Setting a maximum usury rate and preventing clients from getting into debt to the extent of reducing their income below the minimum wage line are some of the changes that have arisen due to the application of the new law that has been in force since June 20.
On June 20, 2020 the Usury Law was published in the scope number 150 to La Gaceta number 147, which establishes the methodology to be used to set the maximum interest rate, from which the crime of usury will be considered to exist, details an official statement.
Legal or natural persons who apply for the moratorium on loan payments in Panama must prove to the banking institutions that they have been economically affected by the outbreak of covid-19 and that they cannot cancel their quotas.
In the third debate, the National Assembly approved a bill that grants debtors a 90-day extension of time for payment of credits granted by banking, cooperative and financial institutions.
According to the law that must be sanctioned or banned by President Cortizo, once the term of the moratorium set forth in this law has expired, creditors, in common agreement with the debtor, must agree on the conditions for the unpaid debt to be prorated, to be paid within 24 months.
In Guatemala, banks will grant deferrals and will wait for loans whose debtors are directly or indirectly affected by the spread of the coronavirus, specifically those that are not more than one month late on February 29.
The Guatemalan Banking Association (ABG) reported on March 21 that these decisions were made with the objective of supporting clients and users of banking services, who will be affected by the spread of covid-19.
As a result of the economic effects that the outbreak of covid-19 will cause in the National Assembly, a general suspension of the payment of taxes, basic services and bank credits for three months is proposed, but the businessmen think that it is not suitable to generalize the measures.
Bill No. 390, which proposes the suspension of payments and collections of taxes, social security contributions, mortgage loans, commercial and agricultural loans, is advancing in the National Assembly.
Without clarifying which companies or individuals could apply the measure, the Bukele administration announced a three-month exemption from payment of mortgage loans, services such as water, electricity, Internet, cable and telephone.
In order to help cooperatives, cope with the emergency caused by the spread of covid-19, the National Institute for Cooperative Development agreed to reduce the interest rate on loans.
This decision was taken to support the cooperative sector, especially the agricultural sector, which has been suffering from a variety of effects. The authorities also hope to make a significant contribution to the country, in the context of the current epidemiological situation, reported the National Institute for Cooperative Development (INFOCOOP).
Laurentino Cortizo approved the law that had previously been voted by the Assembly, which contemplates interest rate benefits for home purchases of up to $180,000.
In Panama, the National Assembly approved in the third debate the bill that contemplates interest rate benefits for the purchase of homes for a value of up to $180,000.
The Cortizo administration approved a proposal that establishes that the government will assume 2% of the bank interest for the purchase of homes valued between $120,000 and $150,000, and in the case of real estate between $150,000 and $180,000, the exoneration will be 1.5%.
The Cabinet Council approved on September 3 the bill No. 044-19, which still has to be endorsed by the Assembly and seeks to increase coverage for the purchase of homes worth $180,000, informed the presidency of Panama.
Until May 21, 2025, the plan to grant preferential interest rates for mortgageloans in the country was extended.
On May 20, Law No. 85 was published in Gaceta Oficial, which was approved by the National Assembly in April of this year and sanctioned this week by President Juan Carlos Varela.
Consistent with the trend of recent months, mortgage and personal loans again represented most of the 5% increase in credit to the private sector up to November 2018.
According to the latest report of the Superintendence of Banks, in November last year the portfolio of loans granted to the private sector totaled $54.626 million, which is equivalent to an increase of 5.3% over the $51.873 million reported in November 2017.
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