CCSS Offers Home Mortgages Up To 90% Of Value

Caja Costarricense del Seguro Social (CCSS) is making available up to ˘9.5 billion colones for mortgage loens to all members and pensioners under the Invalidez, Vejez y Muerte (IVM) - Disability, aging and Death - program.

José Luis Quesada Martínez, manager of pensions, said the measure seeks to provide a housing solution to the Costa Rican families.

Through a press release, the organization said iti s offering terms of 25 years and 30 years with interest rates of 10% and 10.5%.

Quesada explained that mortgage loans are for home purchase, home construction and mortgage payoffs of up to ˘100 million colones.

In addition, the CCSS will offer loans of up to ˘55 million colones for homer repair and the purchase of a residential lot.

Regarding interest rate, the 10% rate approved by the board is for a two year term, after which the rate will be prime plus 3.5%. The second option is a rate of 10.5% for three years and the 3.5% over prime for the balance.

The loan amount is up to 90% of the appraised value and there is an administrative fee of 1% of the loan amount.