As defined by the Guatemalan Banking Superintendence, durable goods include: furniture and household utensils, clothing and vehicles for personal use, material, study furniture and equipment, buildings and real estate mortgages.
Ronald González, CEO of bank Bantrab, explained this increase as a result of banks offering special promotions and easier payment terms, as “we are still managing this portfolio with special conditions, but we are more flexible now, and these loans enjoy lower rates as they have collateral”.
Source: sigloxxi.com
More on this topic
June 2008
The Costa Rican firm Riverside Developers has signed an agreement with MortgageIT Inc., a subsidiary of Deutsche Bank, one of the world's largest financial institutions.
The real estate developer has obtained a credit line of 100 million dollars.
The negotiation represents eight months of work, during which MortgageIT carried out due diligence.
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 Nacion.com, “Nine financial institutions will be present at the fair ...".
February 2011
Loans to the construction sector in 2010 reported a 0.4% drop compared to 2009.
At the end of 2009 the banking sector loaned $ 816 million while in 2010 the figure was $ 813 million.
Likewise, defaults on housing loans increased by 1.4%.
"This was the only sector which reported a drop in the loan portfolio, which, in general, went up 5.6%," reported Sigloxxi.com.
December 2011
G & T Continental has acquired, at $64 million, Citibank de Guatemala’s housing portfolio.
Flavio Montenegro, general manager of G & T Continental, said the payment was in cash and Citibank de Guatemala has already handed over the records of the respective accounts.
For its part, Crista Kepfer, public relations officer of Citibank, told Prensalibre.com,"The decision was made to sell the FHA mortgage portfolio as part of Citi's strategy of focusing on a global scale in other banking segments and using those resources to invest in other lines of business. "
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