Mivivienda Fund: what is it, what requirements must I meet and how to access

The State offers some citizens credit facilities to obtain a home of their own through the Mivivienda Fund, so that more Peruvians can access a decent home with the active participation of the real estate developer and builder. During this year alone, the Government estimates to place 11,000 loans from the New Mivivienda Credit, while with the Techo Propio program it hopes to benefit 51,000 families. Find out here what are the requirements, benefits and types of credit offered by the Peruvian Government.

What is the Mivivienda Fund and how does the financing scheme work?

The objective of this fund is to facilitate the acquisition of homes for the general population, giving special interest to lower-income sectors, providing financial products and services to qualified financial institutions (Banks and others), so that they can make mortgage loans requested by the public.

FINANCING SCHEME

• It is determined if the financial institution meets the requirements to place the products that the fund offers.
• The amount of the line to be granted from the request is set.
• If the line is not approved, it is communicated to the entity.
• If the line is approved, the financial institution is simultaneously notified of the approval of the requested credit line, indicating the conditions under which the line is being granted and the guidelines that it must follow to keep its line in force, and to the trustee, so that they can sign the Resource Channeling Agreement, in order to make the disbursements requested by the entity.
• Once the line is approved, the entity determines the rate that it is going to offer to the market and the conditions to which the beneficiaries are subject.

What programs and products exist within the Mivivienda Fund?

• Multiple bank: In this group are Banco de Crédito del Peru (BCP), Interbank, Banco Pichincha, BanBif, BBVA Peru, Scotiabank, Banco GNB del Peru, Banco de Comercio
• Municipal Savings and Credit Banks (CMAC): Huancayo, Ica, Cuso, Trujillo, Maynos, Arequipa.
• Financial: Financial Effective
• Edpyme: Edype miCasita
• Rural Savings and Credit Banks (CRAC): Root

What is the Techo Propio Program?

It is a program aimed at families with monthly family income that does not exceed the value of S / 3,715 for to buy y S/ 2.706 to build or improve your home, the same one that will have basic services of electricity, water, sewage.

What are the benefits of the Techo Propio program?

The Family Housing Bonus (BFH) It is a direct subsidy granted by the State to a family for free as award for your saving effort and not returned. The value of the voucher varies according to the modality to which the family applies:

• For TO BUY your home, the bonus is S/ 38.500*
• For BUILD UP your home, the voucher can be S/ 26.400*
• For TO GET BETTER your home, the bonus is S/ 10.120

* BFH amount approved by Supreme Decree 016-2020-HOUSING until December 31, 2021.

What requirements must you meet to access the Techo Propio program?

The requirements that a family must meet to access the program are the following:

• Form a family group (GF):

1. To buy a house: It is made up of a head of the family, who will declare one or more dependents, who can be his wife, his partner, his children, siblings or grandchildren under 25 years of age or children over 25 years of age with disabilities, their parents or grandparents.
2. To build or improve: It is made up of a head of the family, who will declare one or more dependents, who may be his wife, his partner, his children, siblings or grandchildren under 25 years old or over 25 years old with disabilities, his parents or grandparents.

• For the purchase of a home: The monthly family income (MFI) should not exceed S/ 3.7151 and for the cases of Prioritized VIS it should not exceed the S/ 2.071
• For the construction of a house: The monthly family income (MFI) should not exceed the S/ 2.706
• For the improvement of a home: The monthly family income (MFI) should not exceed the S/ 2.706
• Not having previously received housing support from the State.
• If they want to buy a home, they will not be able to have another home or land nationwide.
• If they want to build or improve their home, they must be owners of the property where the work will be carried out, and this must be registered in Public Registries without charges or encumbrances, and they must not have other land or housing nationwide.

Check here the register and check if your family accesses the Techo Propio program

To access the register of the Techo Propio program and verify if your family is one of the beneficiaries, you can enter the following link: www.mivivienda.com.pe/PORTALWEB

What is the New Mivivienda Credit (NCCM)?

It is a mortgage loan that allows you to buy any home, build on your own land or independent air, and improve your home. Finance homes between S/ 61.200 and S/ 436.100 with a payment term of five to 25 years.

Benefits of the New MiVivienda Credit

• It offers you the Good Payer Bonus and the Good Payer Prize as a complement to the initial fee.
• It finances you a maximum of 90% of the value of the home
• The payment fee will always be the same
• You can make prepayments at any time

NCM modalities

• Homebuying
• Construction of own land
• Home improvement

What requirements must you meet to apply for the New Mivivienda Credit?

• To be adult
• To be rated by the financial institution for Mivivienda credit
• Lack no unpaid credit with the FMV
• Not being an owner or co-owner of another home nationwide.
• Have a 7.5% minimum down payment the value of the home you are going to buy.

How to apply for the New Mivivienda Credit and in which bank?

• Request qualification: Ask the affiliated financial entities to evaluate your ability to pay and inquire about programmed savings.
• Search for housing: You can do it through the program’s home search engine, real estate developers, port them real estate websites, financial entities.
• Choose a home: Keep in mind that if you choose a project that is sustainable, you will be awarded an additional bonus to the initial one.
• Acquire the home: Once the credit is approved, you already own your own home.

The banks where you can request this type of credit are Banco BBVA Peru, Banco de Comercio, Banco de Crédito del Perú (BCP), Banco Interamericano de Finanzas (BanBif5), Banco Pichincha, CMAC Arequipa, CMAC Cusco, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CRCA Raíz, Edpyme MiCasita, Financiera Efectiva, Interbank and Scotiabank Perú.

What is Miterreno?

Mortgage loan that facilitates the acquisition of urban, private or public land for housing or commercial housing purposes. The maximum financing term is eight years and the amount to be financed is 50,000 soles.

What are the benefits of the Miterreno Credit?

• There is no maximum value of the land to finance.
• The payment fee will always be the same, since your interest rate is fixed and in soles.
• You can make total or partial prepayments without penalty.

What requirements must I meet to request it?

• Not owning land for housing nationwide
• Not having property for housing nationwide
• Have a minimum initial fee of 30% of the value of the land

How can I apply for the Miterreno credit?

• Request qualification: Ask the affiliated financial entities to evaluate your ability to pay and consult for programmed savings
• Find a home and choose: You can do it through the program’s home search engine, real estate developers, port them real estate websites, financial entities.
• Acquire the home: Once the credit is approved, you already own your own home

How do I know if I am a beneficiary of the bond my home?

• You must register your family group in any of the offices and authorized centers nationwide.
• You must present your ID and that of your spouse or partner, if applicable, and have the complete information of all the members of the Family Group (name, ID, date of birth).
• If the family head is constituted by a cohabiting couple without marital impediment, the form must be signed by both. If the family head is constituted by a married couple, the form must be signed by either of them.