The interest rate average that banks charge for mortgage credits in soles it stands at 6.79%, while the same credit, but in dollars, stands at 4.88%, both below levels prepandemia, as reported by the Association of Real Estate Companies of Peru (ASEI).
And it is that after the end of 2019 the interest rate of housing loans in soles was located at 7% and that of dollars at 5.59%, Since the arrival of the pandemic, these rates began to fall and even reached their historical minimum in May 2021. (see infographic).
However, the reactivation of the real estate sector and the increases in the reference rates of the Central Reserve Bank of Peru (BCRP) have pushed mortgage interest rates to rise, but only moderately.
Jorge Carrillo Acosta, professor at the Pacífico Business School, explains that Although the interest rates for these loans have risen, they are still attractive for a person to decide to buy a home and it would even allow families to save. As an example, the finance expert indicates that if a mortgage loan of S/ 400,000 is now requested to be paid in 240 months (20 years), at a rate of 6.80%, the installment would be S/ 3,005 (only considering interest). Meanwhile, if this credit was requested in 2019, at a rate of 7%, the monthly payment amounted to S / 3,050. “It would be S/ 45 in savings, and for 240 months it is a total savings of S/ 10,800, which is not a small thing,” he says.
For his part, Ricardo Arbulú, president of the ASEI Market Analysis Committee, pointed out that said rate continues to be historically low, compared to that of the last 20 years, when it was above 9%.
credit in dollars
Although currently the interest rate of the mortgage loan in dollars is lower than that of soles, Carrillo Acosta explained that this is because banking entities obtain a higher profit when they do the currency conversion.
“For banks, the dollar is a more stable currency, and they will probably also gain from the exchange rate. Because in the end when they send it to you in dollars and you are going to pay in soles, they [los bancos] they usually charge the exchange rate they want, so there is an additional profit with the currency conversion by the banks, and that makes the rate lower”, he pointed out.
Facilities for home purchase
Not only are low interest rates an incentive for families to access a mortgage loan to fulfill the dream of owning a home, but also There are facilities to acquire a new home, such as the bonds offered by the State.
The Good Payer Bonus (BBP) is one of the main incentives. This non-refundable subsidy ranges between S/ 10,300 and S/ 24,600, depending on the value of the desired home. It is aimed at families who buy a house or apartment through the New Mivivienda Credit and have a good credit history.
Likewise, the State grants a Family Housing Bonus (BFH) for the acquisition of a new home, which amounts to S/ 40,250.
Both state economic supports are not returned and it is so that more families can access housing and the housing gap is closed.
The interest rate can be renegotiated with the banks
Although the current interest rates are for new mortgage loans that are requested, those who already have this type of loan could also take advantage of this benefit.
Finance expert Jorge Carrillo Acosta indicated that if the person has already been paying for a year and is a good payer, he could negotiate a new rate with the bank or in any case go to another bank to buy his debt with a better financial cost. .
Jorge Carrillo, professor at Pacific Business School
“All the circumstances would suggest that we should be at rates above the pandemic rate, but we still have a relatively low interest rate on mortgage loans.”
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