BCR Caps Mortgage Loans At
15%
The Banco de Costa Rica (BCR) announced yesterday that it will cap
the interest rate at 15% for one year on all new home loans after
February 1st. The rate cap is part of the state bank's program "Mano
Solidario" to help Costa Ricans face the economic crisis.
Mario Rivera, president of the BCR, the program is much more
advantageous for its customers in that it keeps interest rates low
even if the Central Bank raises its rates.
Rivera added that the bank has also reduced the costs of loan
approval and registration, keeping all costs to a minimum, including
waving all fees if a current loan is transferred to the new program.
The bank announced earlier this month a drop of 2 percentage points
for the next two years on all existing home loans, keeping in line
with the government's "Plan Escudo" program.
Rivera said that customers can also request a repayment plan if they
find that the financial crisis is taking too much of a burden on
them and will allow the changing of dollar based loans to colones.
In the case of PYMES (Pequeña y mediana empresa) - small and medium
sized businesses - the bank will cap interest rates at between 15%
and 17%, for the next 12 months, depending on the type of loan and
guarantees provided.
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