Get to know the interest rates of banks that offer mortgage loans in Ecuador

One of the most important decisions for an adult is owning a home, but this requires a plan to get the one that best suits the owner’s needs. It can be one house or maybe an apartment.

For those who do not want to access the housing plans that have been built, there is the possibility of designing and building a house according to the owner’s measurements.

For any of these possibilities, you must have money that is first used for a down payment, that is, reserve your dream house, until you get a loan from any bank; or even confirm a promise to buy and sell real estate.

Various banking institutions in Ecuador are joined by the offer of the bank of the Ecuadorian Social Security Institute (BIESS), which makes it possible to obtain a mortgage loan for the purchase of a house.

You can buy a new house or apartment with a mortgage loan, but you can also use it to renovate or expand a house, buy land, or build a house or apartment. Loans are generally up to 25 years, but it is necessary to look at the requirements of each bank, because some require repayment up to a maximum of 15 years.

It is necessary to know that when acquiring a loan, the bank provider gives the debtor a table with the amount of interest that must be paid in the first years before starting to pay the principal. In addition, when acquiring a mortgage loan, values ​​that are canceled are added, which include home insurance and UNLOADING.

The interest rates of these loans offered by banks in Ecuador vary (updated until September 2023):

When preparing a budget for buying a house, take into account that you need to have excess cash because there are legal fees that you also need to cover.

Likewise, when we buy our first home, there is also the illusion of decorating or improving it, so we need to have extra money for these purchases.

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