Publicly owned banks (National, Costa Rica, Bancrédito and Popular) have set a goal of granting ¢351,000 million ($682 million) in housing loans during the course of 2012, reported Nacion.com.
This figure represents about 29% of the resources that these entities have available for loans this year (approximately ¢1.23 billion, a dollar = 515 colones), and a reduction of almost 20% compared to last year’s target of ¢437,000 million ($848 million). The reduction is due to lower expectations of placements by the National and Bancrédito banks.
Gregorio Segura, assistant manager at Bancrédito, explained that the lower targets for loan placements are due to the bank’s interest in other niches such as development banking.
Source: Nacion.com
More on this topic
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.
January 2009
The bank hopes to offer $548 million in loans for consumption, housing and development in 2009.
Nacion.com reports that "this year the bank hopes to offer $381 million (¢213 billion) in consumer loans and $55 million (¢31 billion) for house construction or purchase.
The Bank will also set aside $148 million (¢82.7 billion) in loans for development."
January 2011
State banks will allocate $ 788 million through programs for all social strata.
Banco de Costa Rica (BCR), Banco Nacional and Bancrédito, have placed more than 20% of their portfolios in this area.
In the case of Banco Nacional, the institution will provide $ 535 million of which $ 347 million will be targeted for families with low and middle income.
February 2009
Effective February 15 the bank will reduce its interest rate for housing loans lower than $89.000 (¢50 million) by 2 percentage points.
Nacion.com reports on its website: "The Popular Bank also agreed to reduce its interest rates by 2 points starting on March 1.
These banks have joined the Bank of Costa Rica and the Bancredito Bank in reducing their rates at the request of the Government in order to deal with the economic crisis."
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