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Real Estate Developers in Costa Rica Benefit from New State Loan Program

Article Summary:

Regulation governing the National Housing Institute (INVU) of Costa Rica allows for housing loans to be granted exclusively to individuals who are heads of household. However, new amendments to the law now allow the INVU to grant mortgages to legal persons registered in the Public Registry when it is established the purpose is for real estate development.

Original Article Text From El Financiero via Google Translate :

Legal persons can access loans INVU

legal persons registered with the Public Registry and set up for purposes of real estate development will have access to mortgage loans offered by the National Housing Institute (INVU).This Wednesday was published in the Official Gazette the most recent amendment to the Regulations of INVU mortgage under Act 8448, which integrates this alternative.

Further clarifies that, in the case of natural persons, not required to be head of household, as previously said, but can be public or private employees over a year of working for the company, if they are not employees, they should have more two years to pursue the activity to which they do.It also makes clear the possibility to people pensioners who meet the credit requirements and whose age exceeds 65 years.

In either case the applicant must have a monthly income that has reference to the provisions of the Superintendent of Financial Institutions (Sugef).Antonio Contreras, management consultant, said that while the previous version’s five types of credit, had been incorporated only three.With this publication, INVU start with the two slopes: loans for mortgages and payment arrangements. Enter here and see the two loan products offered by the INVU under Act 8448.

Link to Original Article:

From El Financiero

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