What you should know about a mortgage loan

Buying a new home has become one of the dreams of many people and achieving it has become a reality for some thanks to the different possibilities that exist in the market.

To acquire a new home you can apply for a mortgage loan in pesos or UVR or take the option of housing leasing.

Here we explain the options that exist to make your home easier:

Mortgage credit

According to a report published by the Financial Superintendence, mortgage loans are among the best performing in the country, which means that more Colombians are applying for loans to purchase a home.

To apply for a mortgage loan, it is necessary to know which of the two alternatives works best for your pocket and adjusts to your monthly income, remember that there are two types:

If you are interested in buying a home, here you can calculate how much they loan you to meet your goals

System in pesos

A single annual rate is used, where once the user goes to the bank and selects the system and plan of his credit, he knows the rate with which his instalments will be settled. In this way, the user can know the value of each and every one of the loan instalments with the certainty that they will not change.

Variable in UVR

As explained by Asobancaria; UVR is a unit whose value in pesos is determined exclusively based on inflation, without any other element or additional factor; for this reason, the value of the instalment and the credit balance varies according to the behaviour of inflation.

The UVR is certified by the Bunco de la Republican and reflects the purchasing power based on the variation of the Consumer Price Index (CPI), which for June 2016 was 0.48 percent, thus, the value of the UVR at July 27, 2016 was $ 241.3910.

Why apply for a mortgage loan?

1. It will allow you to have the perfect home in a short time, remember that if you wait to save all the money it may take several years, while with the credit you only need the initial instalment that is 30% of the value of the property.

2. The price of the rental fee that you currently pay can be converted into the monthly payment of your own home.

3. The payment facilities are many, so much so that you can choose the repayment system and the term in years that best suits your needs.

4. When acquiring an obligation credit you must protect your investment, with life and fire and earthquake insurance you will have support if these claims occur.

5. People who purchase a home with a mortgage or lease have the right to deduct the amount paid for interest and inflation up to the sum of 1,200 UVT (Tax Value Unit).

Calculate the instalment of your mortgage loan 

Entering in the ‘Tools’ section you can make an approximate calculation of the value of the instalments and the amount of money that a bank can lend you.

Housing leasing 

For Asobancaria, leasing is a figure by which a property can be rented with a purchase option and its amount can be up to 100 percent of its value, depending on the risk policies of the bank, of the analysis of your payment capacity and of the guarantee.

The value of the down payment is determined by the value of the home and the percentage of financing that the person requests. It can only be used to buy homes with a higher value than those of Social Interest (VIS), that is, more than 111 million pesos for cities with less than 1 million inhabitants, or more than 124 million pesos for cities that exceed one million people.

Advantages offered by housing leasing

• Reduction of the basis on which the beneficiary pays the withholding tax.

• It allows you to pay for a family property in the long term while you live in it for rent.

• It allows agreeing with the financial entity, to pay the value of the canon in pesos or Real Value Units (UVR). In addition, you can schedule the use of extraordinary fertilizers with the bank.

• You can choose any type of home, in any stratum, as long as it complies with the rules given by the bank.