The initiative is focused on young people between 18 and 28 years old, and the Government assures that they will access the lowest interest rate in history. See how to apply.
The Government announced the launch of the Young Homeowners program, an initiative focused on giving preferential housing financing conditions to people between the ages of 18 and 28.
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Among the loan conditions, these characteristics stand out:
- Fixed rates below 7% EA through the National Savings Fund. The Government assures that it is the cheapest interest rate in the history of Colombia.
- Financing up to 90% of the financing. That is, it is only required to have an initial fee of 10% of the value of the property.
- Accompaniment of the National Guarantee Fund, which will support up to 70% of the credit.
- The National Government will serve as guarantor through 100% subsidized guarantees during the first 7 years for young people whose income is less than 2 minimum wages.
President Iván Duque stressed that young people between 18 and 28 years old represent 18% of the population, but represent 40% of the purchases of Social Interest Housing (VIS). And one out of every two of these young people that VIS buys has done so through government subsidies ”.
To access the benefit, it is a matter of registering with the National Savings Fund. The credit does not require intermediaries or pay for forms, so it can be applied directly at the financial institution with which you want to request the loan (although banks usually take several weeks while they incorporate the new subsidy into their processes).
Currently there is a wide spectrum of subsidies to buy a home: For VIS and Non-VIS homes there is the Mi Casa Ya program (applies to households with incomes of up to four minimum wages) that gives discounts on interest rates (which can lower monthly payments by about 30%) and finances a part of the initial fee (an aid of 20 to 30 minimum wages).
There is also the Homeowners Seed (applies to households with incomes of less than two minimum wages) for those who must enter a two-year savings plan to get enough to enter Mi Casa Ya.
And to buy non-VIS housing there is a subsidy that gives a monthly support of $ 439,000 for seven years for properties between $ 131 and $ 438 million (applies to all households regardless of their income level).
Abecé of the Young Owners program:
What is Young Homeowners? It is the new commitment of the National Government to facilitate access to housing by the population between 18 and 28 years old. It consists of three components: preferential conditions in the VIS home loan, guarantees for the mortgage loan 100% subsidized by the National Government and personalized support throughout the process.
What advantages does it offer for mortgage loans? Through the National Savings Fund, one-digit preferential interest rates can be accessed, as well as a lower down payment requirement for the purchase of affordable housing. With regard to the latter, you can finance up to 90% of the value of the home.
Follow the news of El Espectador on Google NewsWhat is the subsidized guarantee? The National Government will serve as guarantor, through a 100% subsidized guarantee for the low-income housing loan. Applies to young people with income between 0 and 2 minimum wages.
What types of housing apply to the program? Applies for the purchase of new housing, in the segment of social interest.
Who can apply? Young people between 18 and 28 years old.
