In order to give more help to the Middle Class (most of Costa Ricans) several organizations, banks and other entities are giving the opportunities they needed like the housing loans, car loan, credit option, among others.

One of this entities is the Popular Bank of Costa Rica, which is now offering loans to fund up to the 100% of home values, the bank for this loans have a total of ¢ 40,000 million, said the manager.

The Executive Power said that this loans will be targeted to middle class families with an average income helping increasing the Costa Rica Real Estate. The maximum amount per family is ¢ 50 million with an interest rate of 15% and a 30 year term.

This whole home financing is possible because the 20% that is not covered by the mortgage will be supported with a bill of exchange by the client, without having to grant an additional property.

The Bank has the ability to supply the necessary amounts in respect of the parties as being out of mortgage securities, even if the total portfolio was placed in 100% financing, the Popular Bank should reserve about ¢ 1,600 million due to regulations established.

The Popular bank also announced other two lines of credit, to purchase used vehicles at an annual rate of 24% and one for remodeling and home repairs with an interest rate of 19%.

New loans

• Homeownership: The maximum amount its of ¢50 million, the interest rate of 15% per year and consist of a 30-year term, with a fee of ¢12,000 per million requested. It has a portfolio of ¢40,000 millions.
• Home repairs: The maximum amount its of $15,000 (¢7.5 million), it has an annual rate of 19% within 8 years, secured by a trust. The portfolio is ¢25,000 million.
• Purchase of a vehicle: Maximum loan of $15,000, interest rate of 24% within five years, with a portfolio of ¢5,000 million.