Take advantage of the subsidy to the interest rate and acquire new housing
One of the reliefs that the Government is promoting so that more Colombians can access housing loans is the subsidy to the interest rate, through various programs that adapt to each need.
One of these programs, promoted by the Ministry of Housing, is Mi Casa Ya – Subsidy at the interest rate for No VIS (135 to 435 smmlv) with a large number of slots that are granted as the enrollees meet the requirements required, while supplies last.
But, what does the program consist of? It is a subsidy to households interested in acquiring a new urban home whose value is higher than 135 smmlv and up to 435 smmlv, that is, higher than $ 105,467,670 and up to $ 339,840,270.
This subsidy consists of a decrease of 2.5 percentage points in the interest rate granted by the financial entity for mortgage loans or housing leasing contracts throughout the country.
Households, single or family, who wish to acquire a home, regardless of their income and who already own a home, can apply, as long as the house is urban and new and its value is greater than $ 105,467,670 and up to $ 339,840. 270., Provided they have never applied for any subsidy.
The benefit consists of a subsidy at the interest rate of 2.5 points, during the first 84 installments of the mortgage loan (the first 7 years). For example, an interest rate of 10% would drop to 7.5%, which would be reflected in the value of the monthly installment, during the first 7 years of the loan.
The value of the subsidy is transferred directly by the Bank of the Republic to the financial entity that grants the credit or contract of residential leasing.
This subsidy will be applicable to new urban homes throughout the national territory.
This subsidy applies even for second homes, as long as they meet the requirements to be beneficiaries.
Accessing this program is easy, it works on demand, under the premise of “first come, first served”, without raffles or previous registrations. Thus, interested households should only apply for the interest rate benefit at the financial institution where they decide to make the mortgage loan or housing leasing contract and perform the normal procedure that the entity has for the approval of the same.
However, if the debtor household becomes in arrears of three (3) consecutive installments or fees, the coverage will be lost. In case of restructuring of the credit or the leasing contract where the amounts or balances of the or that imply the extension of the term of the credits or the contracts, the subsidy will also be finished. Also, the subsidy will be lost if the debtor’s home gives up the mortgage loan or the housing lease contract.
Seven years of relief with Mi Casa Ya
The subsidy benefit for the Mi Casa Ya interest rate for non-VIS housing is valid for seven years. If the beneficiary, for example, has an interest rate of 10%, it will fall to 7.5%. After the first seven years of the mortgage loan, the beneficiary will assume 100% of the monthly payment.
Those seven years represent an advantage, since in the first part of a mortgage loan where the interest is high.
Who can access the subsidy at the interest rate?
Any natural person can access these programs, as long as they meet the required requirements. In the case of Mi Casa Ya – Subsidy for NO VIS, the income is not taken into account nor that they already own a home, as long as the house is urban and new and its value is higher than $ 105,467,670 and up to $ 339,840 .270.
How to access a subsidy at the interest rate?
Interested households should only apply for the interest rate benefit in the credit establishment that will finance the purchase of their home and perform the normal procedure for the approval of a loan.
Pay on time and do not lose your subsidy
The beneficiaries will lose the subsidy when they present 90 days of delay in the payment. The bank will inform you through the access form when this happens and will explain the reasons for that loss.