Biess Says Credicasa Requests Exceed $81 Million Nationwide

Ecuador's public mortgage program is drawing early demand.

El Mercurio reports that the Biess Credicasa plan has received 1,600 requests nationwide for more than $81 million.

The outlet says the figures were announced during President Daniel Noboa's visit to Santo Domingo, where he delivered 31 homes purchased through the Tu Casa "Miti - Miti" and Credicasa programs.

What Credicasa Offers

El Mercurio reports that Biess is offering Credicasa mortgage loans with a 2.99% interest rate.

The article says the loans are for houses, apartments, suites or studios of up to $65,000.

The same event included delivery of six upgraded rural Social Security medical dispensaries at a cost of $289,000, according to the outlet.

What This Means For Expats

Credicasa is mainly relevant to Ecuadorian Social Security affiliates and retirees, but it still matters for the housing market.

Public mortgage programs can influence demand in lower-priced housing segments. If you are buying, renting or watching affordable-housing supply in Ecuador, this is one program to keep on the radar.

Source: El Mercurio