Government housing loans to boost middle class

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    The administration of Laura Chinchilla is proposing three alternatives to help increase the chances of the middle class to access credit for housing.

    Through these initiatives, the new government intends to give a double whammy: one side will reactivate the construction sector and the other will help the deficit of 160,000 houses.

    One alternative being prepared by the Vice President Luis Liberman is a bill to reform the Organic Law of Central Bank.

    This amendment seeks to allow banks, mutual funds and other institutions that lend money for housing, to issue bonds for an eight-year period free of the legal reserve requirement.

    “Everyone who has bought a home knows that if in the first years you can drowned in fees,” said Liberman.

    The official felt that this initiative benefits the borrowers and banks, but said that the latter can guarantee that people will risk buying a home and can repay the loan.

    “Sounds interesting,” was all the manager of the Banco Nacional, Fernando Naranjo commented.

    For its part, Guillermo Quesada, Bancrédito manager, endorsed the terms of the proposal, especially because exempt entities such legal reserve requirement may offer fixed rates.

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