“Project 1009: Panama Extends Exemption on Mortgage Loans with Preferential Interest until 2028”

City of Panama/The exemption on mortgage loans, with preferential interest, was extended until 2028 with the approval, in the third debate, of the project 1009whose price range reaches from 45 thousand up to 180 thousand dollars.

The initiative proposed by the deputies Crispiano Adames and Alina Gonzalesmodify the Law 94 of 2019 and Law 3 of 1985, that establishes a preferential interest regime in certain mortgage loans.

These adjustments make it possible to extend, temporarily, the term to apply to the benefits and the Exemption from the Transfer of Movable Assets Tax in the first sale transaction, recognized in the Law 106 of 1974, until August 1, 2028.

The referred preferential tranche may not exceed:

Of 4% on loans for homes for a non-renewable period of 10 years whose registered value, at the time of financing, is greater than B/. 45,000 and does not exceed B/. 120,000.

2% on loans for vertical multi-family homes with a 5-year non-renewable period whose registered value, at the time of financing, is greater than B/. 120,000 and does not exceed B/. 150,000 nationwide.

1.5% of loans of vertical multi-family housing for a period of 5 non-renewable years whose registered value, at the time of financing, is greater than B/. 150,000 and does not exceed B/. 180,000 nationwide.

They will also be eligible for the benefito Homes whose occupancy permits were issued since January 1, 2017 until the date of promulgation of this Law, only for mortgage loans that are granted until June 30, 2024.

When the regulations were discussed in the permanent commission, they highlighted the fact that what was proposed was the result of the commitment acquired with CONEP in the first period that Dr. Adames assumed the presidency.