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Costa Rica Interest Rates on Loans for Homes Going Down

Costa Rica News – Looking to buy a house or lot? You might want to wait just a few months as INVU, the National Institute of Housing and Urbanism, is about to drop the interest rate from the current 9 percent.

costa rica home loans 1The 9 percent that has been charged for years is called “excessive” by the Minister of Housing. It is recommended that it be lowered to meet market conditions.

It may start at 6 percent to be competitive and reasonable.

An actuarial study that costs ¢8 million to define the ideal settings was agreed upon. There is a hierarchy that will determine what the exact new percentage will be.

This study will result in a new fixed rate that will apply to the entire term of repayment or a certain amount of time, depending on the plan the client choses.

If someone needs ¢40 million to build a house, he can choose from nine plans, including options to change it to pay it off quicker or cancel the debt in monthly installments. Young people need about 25 or 30 years to pay off the debt so it must be reasonable so they can have children or study and not use 60 percent of the family income on paying a mortgage.

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