Batista: “90% of the mortgages that are processed have the benefit of the preferential interest law”

The Minister in charge of the Ministry of Housing, José Batista, explained on Radio Panama the authorization of the bill that extends preferential interest in mortgage loans during the cabinet council held this Tuesday.

This law establishes a discount rate for mortgage loans according to different ranges of home values, in the range up to 45,000 dollars they have 0% interest, then there are homes from 45,000 to 80,000 balboas that have a discount of 4 % interest, homes from 80,000 to 120 balboas follow, which have a 3% discount, this is nationwide and homes of all kinds.

There is a range that is exclusively for apartments that goes from 120 to 150 thousand balboas that has a 2% discount and before it only applied to Panama and Panama West but now with the new bill it extends nationwide.

The last range is for apartments between 150 and 180 thousand balboas that have a 1.5% discount and this is exclusive for the Panama and West Panama area.

“During the last 4 years, 90% of the mortgages that are processed in the country are mortgages that have the benefit of preferential interest,” Batista said.