With over 118 years of history, Banco Pichincha is one of Ecuador’s leading banks in real estate financing, in particular in the social and public housing sectors. As the top provider of these loans, Banco Pichincha accounted for 56% of the US$289 million allocated to social and public housing by the private financial system between May 2023 and June 2024. The bank serves 5.6 out of every 10 households benefiting from these programmes.
Banco Pichincha offers highly accessible mortgage solutions, financing up to 95% of the property value for social housing at a competitive rate of 4.88% for 25 years. Their real estate portfolio reached $668 million in June 2024, reflecting a 30% growth since May 2023. The bank’s strategy includes financing up to 80% of construction project costs, supporting both developers and buyers.
Banco Pichincha leverages digital innovation, with over 20% of social and public housing loans processed through digital channels by mid-2024. Their commitment to efficiency has reduced mortgage approval times from the industry average of 90 days to just 42 days, aiming for 30 days by year-end.
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