Banco de Costa Rica has announced new conditions for its home loan products, with financing options available in both Costa Rican colones and U.S. dollars.
The campaign allows applicants to choose from different fixed-rate periods and is intended both for people who want to purchase a property and for those who wish to transfer an existing home loan from another financial institution to BCR.
How much can BCR finance?
According to the information provided for this campaign, the maximum financing percentage depends on the currency selected:
- Financing in colones: up to 90% of the property’s value.
- Financing in U.S. dollars: up to 80% of the property’s value.
The percentage ultimately approved will depend on the property appraisal, the applicant’s repayment capacity, debt level, income, credit history, and the bank’s lending policies.
Interest rates for home loans in colones
For loans issued in colones, applicants may choose from several fixed-rate periods.
| Fixed-rate period | Fixed interest rate | Rate for the remaining term |
|---|---|---|
| 1 year | 7.80% | Basic Deposit Rate + 4.58% |
| 2 years | 7.95% | Basic Deposit Rate + 4.58% |
| 5 years | 8.55% | Basic Deposit Rate + 4.85% |
| 8 years | 8.95% | Basic Deposit Rate + 4.85% |
Important: once the fixed-rate period ends, the loan moves to a variable interest rate. For the one-year and two-year options, the rate would be calculated using the Basic Deposit Rate plus 4.58 percentage points. For the five-year and eight-year options, it would be calculated using the Basic Deposit Rate plus 4.85 percentage points.
Interest rates for home loans in U.S. dollars
For financing in U.S. dollars, the campaign announces a fixed interest rate during the first two years.
| Fixed-rate period | Fixed interest rate | Rate for the remaining term |
|---|---|---|
| 2 years | 7.25% | Prime Rate + 1.80% |
Once the two-year fixed-rate period ends, the interest rate would be calculated using the Prime Rate plus 1.80 percentage points.
Exchange-rate risk:
A person whose income is mainly received in colones should consider that a loan in U.S. dollars may become more expensive in colones if the exchange rate rises. Before selecting the currency of the loan, it is advisable to consider the currency in which the applicant earns income and request a detailed explanation from the bank.
Benefits of the Mi Casa BCR campaign
According to the information provided, the first 200 completed loan transactions may receive the following benefits:
- Free property appraisal.
- Waiver of attorney fees.
- Possibility of negotiating the loan origination fee through the acquisition or use of additional banking products.
These benefits are subject to availability, eligibility requirements, approval, and the conditions established by Banco de Costa Rica.
Campaign to transfer an existing home loan to BCR
The second campaign is intended for people who currently have a home loan with another bank or financial institution and would like to transfer that debt to BCR.
This campaign uses the same interest rates described above and offers the following benefits to the first 400 completed loan transactions:
- Free property appraisal.
- Waiver of attorney fees.
- 0% loan origination fee.
Financing example for a ₡50 million home
Suppose a buyer wants to purchase a home with a sale price of ₡50,000,000 and applies for financing in colones.
Using the maximum financing percentage of 90% as a reference, the example would be as follows:
- Property price: ₡50,000,000.
- Estimated 10% down payment: ₡5,000,000.
- Estimated loan amount: ₡45,000,000.
- Loan term used for the example: 30 years.
- Fixed interest rate used: 7.80% annually during the first year.
Estimated monthly principal and interest payment
Approximately ₡324,000 per month
Approximate calculation for a ₡45 million loan over 30 years at an annual interest rate of 7.80%.
Under these conditions, the payment corresponding only to principal and interest would be approximately ₡323,942 per month.
This amount does not include insurance, commissions, administrative expenses, or other charges that may be added to the monthly payment.
Estimated comparison by fixed-rate period
Using the same ₡45 million loan and a 30-year term, the approximate initial monthly payment would vary as follows:
| Option | Interest rate | Estimated monthly payment |
|---|---|---|
| Fixed rate for 1 year | 7.80% | ₡324,000 |
| Fixed rate for 2 years | 7.95% | ₡329,000 |
| Fixed rate for 5 years | 8.55% | ₡348,000 |
| Fixed rate for 8 years | 8.95% | ₡360,000 |
Options with longer fixed-rate periods begin with a higher rate and monthly payment, but they keep the rate unchanged for a longer period. The most suitable alternative will depend on the applicant’s repayment capacity and preference between a lower initial payment and greater payment stability.
Other expenses buyers should consider
In addition to the down payment and monthly loan payment, purchasing and financing a property may involve other costs:
- Life insurance.
- Property insurance.
- Bank commissions.
- Administrative expenses.
- Property transfer taxes and legal stamps.
- Notary and legal fees.
- Mortgage registration expenses.
- Any difference between the agreed sale price and the value accepted in the bank’s appraisal.
Although the campaign may cover some of these costs, buyers should request a complete breakdown of all expenses from the bank before making a decision.
Contact for additional information
Sonia Ortega Mejía
Business Executive
Banco de Costa Rica – Heredia
Email: sortega@bancobcr.com
Telephone: 2211-1111, extension 41104
Mobile phone: 8782-4308
Notice and disclaimer:
Bienes Raíces M&M is not part of Banco de Costa Rica, does not work for the bank, and does not act as its representative, financial adviser, or financial intermediary.
The information presented in this article is based on materials and communications received regarding the campaign. Interest rates, financing percentages, benefits, requirements, terms, and other conditions may be changed, limited, or withdrawn by Banco de Costa Rica.
All monthly payment calculations are approximate examples provided for informational purposes only. They do not constitute a credit offer, an official quotation, financial advice, or a guarantee of loan approval. The calculations do not include insurance, commissions, administrative expenses, legal fees, taxes, stamps, or other charges.
Bienes Raíces M&M is not responsible for errors, omissions, differences in calculations, changes in interest rates, or decisions made based on this publication. Interested applicants must confirm all current information directly with Banco de Costa Rica before entering into any financial commitment.
