There are many types of mortgage loans, but only some are used to buy the first home. Its main characteristics and requirements.
Stop renting and get to your own home is a dream shared by most. Therefore, mortgage loans – launched last year – quickly became a boom. Find out what types of mortgage loans for your first home there are, what each one is for and if you are able to ask for them.
The first credits were presented by public banks
The first credits were presented by public banks, but then private banks were also added. Today, most banks offer several alternatives, both for the purchase of housing and for construction.
There are at least 10 types of mortgage loans . But let’s talk about four of these loans , which are used for first homes:
– It is used for construction, home acquisition or repair.
– Amount: 3 million (public banks) and 5 million pesos (private banks).
– Term: between 20 and 30 years.
– Fee / income ratio: 30%
– Financing: 80% (public banks) and 75% (private banks).
– Monthly fee: $ 5,200 to $ 5,600 per million requested.
– It is adjusted for inflation / UVA.
Credit Young Savings Procreate
Serves for the purchase of single, new or used housing.
– For young people between 18 and 35 years old.
– Includes formal and informal workers and monotributistas.
– Maximum amount: 60 thousand UVA or $ 1,300,000 pesos.
– Monthly income: between 2 and 4 minimum wages.
– Those selected must save for 12 months (in a fixed term in UVAs) at least 5% of the value of the property that will be acquired.
– The State accompanies a non-refundable subsidy of up to 12 thousand UVAs.
– The rest is financed by the chosen bank, at 20 or 30 years.
– Beneficiaries are selected by score. People with disabled children or relatives have priority. Also those who have registered in previous calls.
credit for well housing
– It is for unique housing.
– Allows you to buy a property from the well, when you have no savings of 20% of the value of the property.
– Amount: up to 3.5 million pesos.
– Term: 30 years (adjustable for inflation).
Mortgage credit Fixed rate for 3 years
– It is for acquisition, change, termination or renovation of housing.
– Maximum amount: $ 2,770,000 pesos.
– Term: up to 30 years.
– Fixed rate for the first 36 months of the loan and nominal annual 14%. As of month 37, the rate varies depending on the reference the entity has.
– Couple or family income (co-debtors) can be added.
– Advantage: although the rate is variable (from the fourth year onwards), the increase in the quota may not exceed the increase in wages for those who have a job subject to parity by collective agreement.
What does UAV mean?
The majority of these new loans have in common that capital and share are adjusted according to the variation in inflation, measuring for this purpose the price of the Unit of Acquisition Value (UAV).
The key to making a decision as important as facing a mortgage loan is to inform yourself as well as possible and get advice as necessary. Evaluate the different credits , the alternatives that each bank offers and your own finances to see if it is possible to come to fruition … Or rather, to good home!