After a fall of 35% in construction sector in 2009 the bank would have greater resources this year.
As the diva of the economy and credit policy of national banking, housing could become this year one of the main areas subject to credit.
It will be essential, according to Luis Liberman, hierarch of economic policy the new government led by Laura Chinchilla.
The intended national banks at the moment ¢ 2283 billion for housing loans, within a total portfolio that is close to ¢ 8 billion.
That amount could even double from this year to help reduce the country’s housing deficit estimated at 240 thousand homes.
“For us the housing sector is critical because the construction creates jobs and because the middle and lower classes should have access to funding, without it being tight if interest rates rise,” said Luis Liberman, second vice president-elect.
It could mean that companies and individuals wishing to start or continue a building will have a better picture than the one shown in 2009.
Most of the credits required for housing, are usually referenced to the basic borrowing rate.
“At least 92% of the credits for homes are in that condition,” said Guillermo Quesada, general manager of Bank Bancrédito.
This could mean that the new administration takes another interest rate scheme for housing.
Currently, if the base rate goes up the cost of housing credit, which diminishes chances for people to realize the dream of homeownership.
For now, the variable has remained at 8% two months ago. If inflation remains low in turn, would open more room to cut interest rates, which in any case is uncertain.
Last year the raise in interest rates and the crisis caused the housing loan applications fall to 40%. As of May could be another story, according to the tenets of Vice President Lieberman.
Currently banks are leading in the provision of credit for the constructions are of Costa Rica, Scotiabank and the People.
Banks in Costa Rica, BAC San José and HSBC remain on the list.
This year the housing finance could improve it “has seen some improvements in certain banks condicions and have stabilized interest rates, said Richard Castro, president of the Chamber of Construction.
The demand for housing lines maintained the momentum, even though banks began to hit the brakes to the granting of loans last year.
Apart from commercial banks is a cooperative sector devotes substantial resources to the housing sector. These include COOCIQUE, Coopeacosta, Coopenae, Coopealianza, Coopemex, Mutual Group and the Costa Rica-Canada, among others.
Even the banks have not released their projections for 2010, but anticipated increases in housing portfolio and innovative programs, consulted bankers said.
The National Bank announced a 15% growth in housing loans this year, which means a new job close to ¢ 97 billion, according to a press release of the entity.
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