Now there's another solution for your housing need, the Real Estate Market is growing with the Middle Class sector, that's why Banks and public institutions that finance housing for middle class families have a new competitor in the private sector, BAC San José.

The BAC is the first private bank to structure a mechanism for the middle groups of the population.

The bank will launch a pilot plan on June 15, which seeks to address the housing needs of 160,000 people.

The project will offer to the businesses that pay their payroll with the institution the opportunity to develop a housing initiative for their employees.

During the first stage, the goal is to serve 24 000 people from 25 companies that will know the plan next week.

For now the product will not be massive. The goal is to develop firts with companies showing interest. The contact will be made through human resource departments or solidarity associations.

The beneficiaries will be those families with a monthly gross income of ¢ 1,151,000 and ¢ 797 000. In this case the housing deficit amounts to over 25 thousand homes.

For mortgage financing, interested parties must provide a 20% credit premium.

This money will come from the housing subsidy from Fund for Housing, the contribution of the applicant's employer or through family savings.

The remaining 80% will be public funds by the National Housing Fund and the bank itself. The entity has allocated an initial placement of $ 5 million credit.

The loan will be in colones, with a market interest rate and a term of 30 years.

The developments will begin construction in accordance with where the companies concerned are located in the plan, the most promising areas are identified as Alajuela, Cartago, Heredia, San Jose and Puntarenas.

BAC now intends to finance homes costing between $ 40 billion and $ 60 thousand, that means middle class houses.

For the initiative to have a solid backing, the financial entity decided to join with solvents and construction companies with experience.

One of these is Cementos Mexicanos (Cemex). Cemex builds housing for middle class in Colombia, Mexico, Guatemala, Nicaragua, Honduras and the Dominican Republic. It has therefore invested in this kind of development $ 140 million in Latin America in recent years

Want to know if this it's the best solution to your housing needs ask our Professional Realtor.