The most advantageous method of purchasing a house in Costa Rica is through the Savings and Loans programs offered by the National Institute of Housing and Urbanism, or INVU. Since they lack guarantors or pay stubs, INVU requests a surcharge and lends the remaining amount at a fixed yearly interest rate. It is not required to obtain an employer order or to be registered with the Treasury in order to take part in the INVU Plans. With the complete backing of the State, the INVU will lend you the remaining amount if you save an aside.
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INVU schemes
It is one of the most often used methods of financing houses in Costa Rica because of its cheap interest rate. The National Institute of Housing and Urban Planning is under his direction. Secure funding from a set 7% per year throughout the term is its biggest advantage, aside from government help and vast expertise.
For whom is it suitable?
Anyone can use INVU’s plans, regardless of their legal or physical status. Additionally, there are no restrictions on how many contracts you may sign. Every INVU design has a starting point of 10 million colones, and many contracts can be combined to create a single, larger-scale housing solution.
What choices do I have for my INVU plan?
You can utilize a mortgage credit with INVU plans to select any of the following options:
acquisition of a house, apartment, or condominium, whether new or secondhand.
Land acquisition and development.
construction on a person’s land.
Purchasing land
Terminating a mortgage
remodeling, adding on, or fixing an existing building.
the construction of homes or rental properties.
In general, how do these loan and savings schemes operate?
It’s easy: you save aside a specific amount of money every month until you have saved around 25% of the total amount you wish to invest in your business. At that point, the INVU extends an offer to you for the remaining funds, with no need for guarantors or pay records.
You are not need to provide wage records or guarantors for your first mortgage. If you want to apply for a second degree mortgage, find out if submitting a formalization of your income or a pay stub is required. CPA.
How do the INVU plans operate?
It’s as easy as creating a savings account (contract), assessing your financial needs, and setting aside 25 to 35 percent of that total to pay for your house. or what you require.
You may choose to pay this premium or savings from your house in installments over a period of two, three, four, five, seven, or ten years. You can begin with a long-term plan and subsequently switch to a 3- or 2-year plan to reduce your premium costs. Switch to a three-year plan, stick with it for one additional year, and withdraw the set 7% annual credit. Alternately, you may go to a 4-year plan, continue for two more years, and get your loan after saving up all the years. everything based on your requirements and available resources.
Anyone who wants to save money for quality housing and has a valid identity document is eligible to apply for the INVU. thus neither wage records nor guarantors are required. The only resources needed are time and savings, which have a set annual rate of 7% in colones.
A maximum of 155 million colones may be applied; an extra 45 million colones may be used for development or enhancement. Additionally, you may construct rental homes and flats.
The great advantage of beginning to save the down payment for your Costa Rican home gradually and reducing it as circumstances dictate is that it’s a great chance to fulfill your goal of owning a nice home, land, rental apartment, or flats for sale.
You have the option to finish your project with INVU’s Savings and Loan System Plans in phases. For example, you may begin with a huge savings and loan contract that we broke up into smaller contracts, and then go on to the 10-year plan, which is our long-term plan. After a year and a half, you can buy your property by converting a portion of your contracts into a three-year plan. After that, you can modify some of the contracts related to the house’s construction and the remaining contracts related to the house’s ongoing expansion.
INVU is the best choice for renting homes or flats in Costa Rica since we fund projects of all sizes and scopes based on their potential. You can come to formalize it and have your home project even if you reside abroad. You can even preserve your contracts and have a family member invest them in your name (special power). ¿Is it feasible to construct rental homes or flats for them to have a better future and, more significantly, a steady rate? ·Not need to show proof of earnings or income? It is up to you how many contracts you choose to sign.
