Special Construction Month Means Lower Rates at Bank

The Banco Nacional (BN) has announced that March will be “Special Construction Month,” with the public bank making the commitment to offer lower interest rates and rebates and open credit lines to boost housing construction throughout the country.

Under the motto “We Are Building Together,” the BN said that throughout the month of March and until April 18, interest rates on housing financing will be slashed 50 percent, with interest rates in colones to be set at 10.75 percent and dollar interest rates at 8.36 percent.

According to a BN statement, the bank “is supporting Costa Ricans in their dreams  of owning their own homes,” with mortgages featuring reduced interest rates and a 50 percent decrease in approval fees.

The BN said that during the next six weeks it will provide financing for the purchase of new or used homes or apartments, buying a lot and building, building on a pre-owned lot, building a second home or home expansion or remodeling, the transfer of debt from another bank and the process of refinancing debts into a single credit line.

–Adam Williams