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Which banks offer the cheapest mortgage loans to buy a home, according to SBS?

Which banks offer the cheapest mortgage loans to buy a home, according to SBS?

If you are looking to buy your own home for your family and do not have the financial resources to make this aspiration a reality, read this note. There are a series of mortgage loans offered by financial entities with interest rates whose average in banks is 9.22%, according to the report of the Superintendency of Banking, Insurance and AFP (SBS).

Below, we show you how to compare the financing costs offered by the market for these financial products through a list with interest rates from lowest to highest so that you can choose the most feasible option that fits your budget. Pay attention!

Which bank offers the cheapest interest rate?

According to the report from the Superintendency of Banking, Insurance and AFP (SBS), until November of this year, the banking entity that offers a cheaper Annual Effective Credit Rate (TCEA) for a mortgage loan of S/120,000 in a period of 15 years is Banco GNB (14.13%).

Then, the BCP follows with an annual rate of 14.82%, which represents a fee of S/1,508, and Banco Pichincha, which charges a TCEA of 15.38%, that is, a monthly fee of S/1,636.

Finally, the SBS Cost and Performance of Financial Products table shows that Mibanco is the financial entity that offers the most expensive rate (37.42%) for a mortgage loan of S/120,000 over a period of 15 years.

Financial entity TCEA (%) Share
GNB Bank 14.13% S/1,558.34
Credit Bank 14.82% S/1,508.29
CMAC Arequipa 15.15% S/1,629.03
Pichincha Bank 15.38% S/1,636.04
Scotiabank 15.43% S/1,646.95
CMCP Lima 15.53% S/1,657.99
Interbank 15.88% S/1,665.75
BBVA 16.97% S/1,775.31
Crediscotia 17.98% S/1,838.30
Banbif 18.16% S/1,851.72
CMAC Tacna 18.36% S/1,866.86
CMAC Huancayo 18.39% S/1,855.49
CMAC Ica twenty% S/600
CMAC Trujillo 20.95% S/2,034.70
Vilela Credit Company 26.01% S/2,442.15
CMAC Piura 28.63% S/2,604.40
My bank 37.42% S/3,331.81

What is TCEA?

The Annual Effective Cost Rate (TCEA) allows you to calculate how much a loan or the use of a credit card would cost. In that sense, it includes, in addition to interest, all administrative expenses such as charges, commissions and insurance. That is, it is the total cost that a person must pay when requesting a loan.

Therefore, it is advisable to ask the bank about the TCEA, which is the real debt that includes a loan. Remember that the higher the rate, the more the loan will cost.

Banco de la Nación: how can I request a mortgage loan?

According to the information provided by the Banco de la Nación, this mortgage loan is available jointly or individually for public sector workers and pensioners of Decree Law No. 20530, who can purchase a home from S/15,000 to more than S/ 150,000. Below, find out the requirements to meet:

  1. Be an appointed public sector worker, hired for an indefinite term or a pensioner with a savings account at the Banco de la Nación so that your income can be deposited.
  2. Have one year of work experience.
  3. Receive monthly income greater than S/800.
  4. Be between 18 and 74 years and 6 months old.
  5. The holder and/or spouse must have a Normal rating in the Risk Center of the Superintendency of Banking and Insurance.
  6. Do not have debts with more than four entities in the financial system.

Then, go to one of the Banco de la Nación agencies, during business hours Monday to Friday, from 8.00 am to 5.00 pm, and Saturday from 9.00 am to 1.00 pm. Likewise, you can enter this LINK to see the Lima and provincial agencies in the following LINK. Finally, contact Banco de la Nación on WhatsApp: 943277176 or write to [email protected]

Source: Larepublica

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