An involuntary saving It has been generated during the pandemic, which has motivated millennials to project themselves to acquire their own home. It is expected that there will be a 20% increase in mortgage loan placements with affordable prices aimed at young people between 25 and 35 years old at the end of 2022, said Oscar Vílchez Castro, regional manager of Caja Piura.
“As a result of the health crisis, the quarantine caused involuntary savings due to remote work, restrictions on going out to bars, restaurants, cinemas and other recreational activities, even to go on vacation. This greater liquidity inclines young people towards the real estate market. In fact, before the pandemic, the annual average of mortgage loans requested by young people was 275. Caja Piura expects to reach 385 placements this year,” said Vílchez Castro.
According to the expert, when a person under 35 wants to buy a home, the first step is to build a good credit history through a credit card, personal or car loan, and the second step is to save.
“To apply for a mortgage loan, the applicant must analyze certain points, such as his credit history, adjust his spending capacity, determine your current income and the prospects of increasing it in the future. With these steps completed, today a person can acquire a home with 5% or 10% savings”, explained the executive.
From the financial market, millennials have Two main options to apply for a loan: banks and savings banks. One advantage of the boxes is that they require less paperwork compared to a bank, as well as better financing conditions for the client.
Even if they are independent workers, they can regularly deposit their salary in an account that defines their regular income before the financial institution, in addition to their savings and payment capacity, highlighted the regional manager of Caja Piura.
Source: Larepublica
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