If you are considering buying a home and taking on long-term debt, it is important to evaluate how much financial institutions charge for mortgage loans in order to make them fit your needs. budget familiar. Therefore, in this note, we will offer you a ‘financial tour’ of the cheapest rates offered by banks and municipal savings banks in 2023.
What is the TCEA?
Unlike the TORCH (Cup of Interest Annual Cash), the TCEA (Annual Effective Cost Rate) represents the actual cost of credit because it includes, in addition to interest, all bills administrative (charges, insurance, commissions). That is, it is the total cost that a person must pay for a loan, in this case, a mortgage.
Therefore, every time you approach a bankIt is recommended to ask for the TCEA, which is the real debt that will include your loan. Remember that the higher the TCEA, the more your loan will cost, which will be reflected in your monthly payments.
The TCEA is the sum of the TEA plus administrative and insurance expenses. Photo: diffusion.
What financial institution offers the cheapest mortgage loans?
According to statistics from the Superintendency of Banking, Insurance and AFP (SBS) collected by this newsroom, The average interest rate of the banking system for a mortgage loan is 9.88%, as of April 28.
Now, as shown in the table of Cost and Performance of Financial Products of the aforementioned body, as of May 1, 2023, GNB Bank It is the financial institution that offers the cheapest rate (10.4%) for a mortgage loan of S/120,000 in a period of 15 years.
At the same values, BBVA ranks second by offering an annual rate of 13.29%, that is, a monthly fee of S/1,512, while BCP charges an effective annual cost rate of 14.82%, which represents a fee of S/1,508.
|Financial entity||AERT (%)||Share|
|Metropolitan Lima Box||15.53%||S/1,657.99|
It also follows from this illustrative table that My bank is the financial entity that offers the most expensive annual effective cost rate (99%) for a mortgage loan of S/120,000 within a period of 15 years.
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.