Housing Bonuses in Costa Rica: Everything You Need to Know -

In Costa Rica there are Housing Bonuses; these are aids that the state grants through the BANHVI to national or foreign people with residence who want to buy a property but do not have the resources to access a loan on a regular basis.

It is important to know some differences before starting the application for housing bonuses in Costa Rica.

Who can be beneficiaries of housing bonuses in Costa Rica?

The bonuses are granted to families (or single parents with children), that is, single people (without children) do not qualify to apply for a housing bonus; also depending on the monthly family income, this will be the type of bonus to which they can apply.

They occur only once in a lifetime, the same person cannot be a beneficiary of a housing bonus more than once.

Frequently asked questions

The government of Costa Rica stands in solidarity with the neediest families through housing bonuses. It is essential to know the requirements to opt for a bonus. If you want to make your dream of having your own home come true, do not hesitate to make use of this tool and hire a professional to help you with the search for the ideal property.

Xinia Castro, Nativu Grecia Advisor

Types of housing bonds in Costa Rica

Credit Bonus (Bono crédito): These housing bonus are for families with income from micro enterprises or with a salary. They cannot have income greater than ₡ 1,600,000 (one million six hundred thousand colones) approximately. In these cases, the Bank grants 8 million in cash, plus the facilitation of a loan depending on the liquidity study. The beneficiaries of this bonus can only contract with authorized construction companies.

The interest rate of the credit is quite low, however the beneficiary is always left with a debt. Requirements:
- Owner must present the cadastre plan
- The property must be outside risk areas
- It must have a strategic location near educational centers, health centers …
- Have a sale-option of at least 6 months

- Article 59 bonus: This type of bonus is for families that do not have any monthly income, for people suffering from a disability, elderly living below the poverty line, families in emergency situations or people who earn less than ₡ 400,000 (four hundred thousand colones) per month.
They are full housing bonds, focused on the purchase of lots and construction of a house. Requirements:
- Requires a previous socioeconomic study, with a social worker endorsed by the BANHVI
- Requires a signed sale-option for one year
- Lots cannot be less than 210 m2, nor greater than 300 m2
- It can be a property already built, but not exceeding ₡20,000,000 (twenty million colones)

How does housing bonuses work in Costa Rica?

In Costa Rica, the total liquid of the bonuses enters directly into the account of the construction company, through payments according to the percentage of progress of the work. That is why it is important to have the list of authorized companies, since the bonus is given directly to the construction company in favor of the beneficiary.

These must give justification of each of the expenses, and representatives of the BANHVI can visit the work every 8 days.

The duration of the process from the time you apply until the benefit is received can be 3 to 4 months or more. The average time varies depending on the financial institution with which you contract.

List of authorized entities

Not all properties can apply for housing bonds; That is why it is best to consult with a professional who understands the process and can help you, both buyers and owners.

The main thing is to go to the authorized institutions and carry out due process if you meet the requirements to receive this benefit.

Nativu Property Portfolio