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Friday, January 29th, 2016  |  USD: Buy 531.29 / Sell 543.92
20 years

BCR, Banco Nacional introduce 40-year mortgages

BCR / Banco de Costa Rica

Courtesy photo.

August 21st, 2014 ( The State-owned banks, Banco de Costa Rica (BCR) and Banco Nacional have introduced 40-year mortgages in colones, the longest term offered to date in the country.


Bank officials say the move is aimed at middle-class consumers and first-time homebuyers.


At BCR, the 40-year note carries a fixed interest rate of 9% for five years, after which consumers pay the base rate plus 3%. Consumers can finance up to 100% of the purchase.


Banco Nacional offers its 40-year note at 9.1% for the first three years, 11.1% for the forth and fifth years, and the remaining duration of the mortgage at the passive base rate plus 5.6%.  Banco Nacional said their offer can also be used for home improvement, such as the purchase of eco-technologies such as solar panels and solar hot water heaters.


The maximum loan at both banks is ¢100 million (~$189,000).  The 40-year notes are not available in dollars.


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  • Yeims

    Hmmm, looks like the bankers are going fishing . . . .

  • Ken Morris

    Instead of the bankers fishing for business, this strikes me as an instance in which bankers are crafting policies intended to show their regulators that they have socially responsible lending programs–without however actually lending much money. I bet once you look at the fine print of these loans, next to nobody can qualify for them. However, I’d like to be wrong, just doubt that I am.

  • roberto

    Whales gobbling up minnows.

  • disgusted

    Slaves to a mortgage payment and 40 yrs. IF you qualify… Life sentence at high interest rates.

  • Derryl Hermanutz

    If home ownership is simply a financial calculation, then if monthly interest payments on your mortgage are higher than monthly rent for a similar house, you’re better off renting. Every mortgage principal payment gets you a little closer to owning the house. Rent payments and interest payments are a dead loss, from the perspective of ever owning the house. If home ownership is a kind of forced savings, where every month you pay a little bit of loan principal and in the end you own a house (no more monthly rent or interest payments), then even if interest in the early years of the mortgage are higher than rent, buying still makes sense. Everybody needs a place to live so until you own your home you’re going to be a slave to monthly rent payments or monthly interest payments. And for most people home ownership is not a purely financial calculation. It is “worth” something to own your own home; just like it is worth something to drive a decent car when a cheap beater will do the same job and cost you less.

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