Banco Nacional has announced that March will be “Special Construction Month”, with the public bank committing to offer lower interest rates and rebates and open up credit lines to boost housing construction throughout the country.
Under the motto “We Are Building Together”, Banco Nacional claims that, throughout March and the first weeks of April, the interest rates on housing financing will be slashed 50 percent, with the colón rate to be set at 10.75 percent and U.S. dollar rate at 8.36 percent.
According to a Banco Nacional statement, the bank “is supporting Costa Ricans in their dream to have their own home,” with mortgages featuring reduced interest rates and a 50 percent decrease in approval fees.
Banco Nacional said that over the next six weeks they will provide financing for the purchase of new or used homes or apartments, buying a lot and building, building on a pre-owned lot, transferring debt from another bank, refinancing debts into a single credit line, buying a second home or home expansion or remodeling.
The discounts offered during “Construction Month” will officially come to a close on April 18. From the 14th to the 18th of April, the bank will be a part of the 2010 Construction Expo Fair, which will be held on the grounds of the El Pedregal Company in San Antonio de Belén.
During 2010, the Banco Nacional estimates that they will provide over $180 million in discounts and financing for housing.