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05-27-2008, 05:30 AM #1
Condominium
- Join Date
- Oct 2007
- Posts
- 109
request feedback on financing options
we just added a new financial options page to the Finca Ponderosa website and solicit your feedback and input for improvements before we open link to this new page - we will especially appreciate the creative input of you Finance & Loan folks regarding traps to watch for -
FYI, the tax base for property in Costa Rica is the "declared value, or highest recorded value" of the property which in virtually all casas is a 10% or nominal valuation for "declared value", then used at a 0.0025 rate for tax purposes - hence, when financing is involved and liens are placed on property as pledges, the tax base is shifted upward for the "highest recorded value" and ultimately the neighborhood get re-assessd upward - this is what is happening along the beaches and Guanecaste region and therefore taking a home improvement or second in the states verses financing in Costa Rica is always better for your retirement or second residence taxes - remember California in the 70's with windfall revenues for local government ...
be happy to try and answer any questions you may have and thank you in advance for reviewing our approach at www.Finca-Ponderosa.com/options.html
Bob Cash -
aka GringoBob in Costa Ricajust an old gringo following the good life
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http://Finca-Ponderosa.com
http://La-Tigra.com
Bob@La-Tigra.com
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06-04-2008, 05:13 AM #2
Banned
- Join Date
- Nov 2007
- Posts
- 93
There is good news for all the homebuyers who intend to own a house of their own. As Reserve Bank, relaxed the risk provisioning norm for housing loan up to Rs 3 million on May 15th.This inturn would make it easier for banks to provide loans for purchase of residential properties. This move is expected to reduce the cost funds of housing loans up to Rs. 30 lakh.
The central bank issued notification in pursuance of the annual credit policy announcement made by the Reserve bank Governor Y V Reddy on April 29. The RBI has modified the provisioning limit for housing loan to take care of the growing property rates mainly in the urban centers. As per the Basel II norms, banks are required to keep 9% of the specified portion of the loan amount as capital.
For up to Rs 3 million housing loan the risk provisioning norm would apply for the 50% of the loan value. Earlier the specified amount was 75% of the loan value between Rs 2-3 million. For loans exceeding Rs 3 million for purchase of residential property, the banks would have to make a risk provision on 75% of the loan amount.
The move would provide the bank additional capital for lending more to housing sector. However, it may not result in immediate softening of interest rate for the housing sector.For more view- realtydigest.blogspot.com
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