COSTA RICA MONEY NEWS – The Superintendencia General de Entidades Financieras (SUGEF) – Superintendent of Financial Institutions – has asked the banks to provide detailed information on mortage loans they are offering to the public during the Expocasa 2014 fair that began Wednesday and runs until Sunday, August 24.
The SUGET is asking the banks full details of the terms, rate and conditions of the mortgage loan, including the security protocols in evaluation of the risk capacity of the borrower.
Several banks, including the State banks, the Banco Nacional (BN) and the Banco de Costa Rica (BCR), are offering mortage loans in colones with a term of up to 40 years, with an interest linked to the prime rate and financing up to 100% of the property value.
SUGEF wants to ensure full disclosure, that the consumer is clear of their committment and they qualify in terms of affordability and ability to repay the loan, while the banks don’t overexpose their risk.
