María Sosa is 35 years old and has been renting a home for more than a decade, but this year she set out to realize her dream of owning her own home. She arrived on the first day of the Habitat 2023 fair, at the Guayaquil Convention Center, accompanied by her husband and their baby, looking for advice on how to apply for a Biess mortgage loan.

The Habitat show will feature $40,000 homes and more than 40 real estate projects

“I lived alone since I was 19 and it was difficult to find a decent apartment (to rent). Now that I’m married, the landlords set illogical conditions: they don’t allow children or pets, and I had to pay extra for parking,” she says.

For this reason, María is now looking for a ready-made house in a private citadel with custody, recreational space for her son, accessible for her pets and commercial activity nearby.

However, the first challenge on that life plan is the economic factor that he plans to deal with loan.

Security is increasingly a priority when buying a home

Advisors from the Bank of the Ecuadorian Social Security Institute (Biess) shared with the couple the steps to apply for pre-qualification and find out if they meet the conditions for access to a loan and thus favor the housing project presented at the fair. “I would like my son to grow up in an urbanization in La Aurora, there is everything there,” shares María.

Insecurity is the real factor that forces many to leave Guayaquil in search of development on the way to the coast, Daule, Samborondón and other places.

In the case of this couple, they are both dependent IESS members, but the number of consecutive contributions works against them: they must have at least thirteen. In addition, they have outstanding debts to IESS and a delay of more than 180 days for the device they bought on installments in the store. “It could take them years to reduce their card debt and pay off all deferred payments,” the adviser explained.

Although the answers during the consultation were not favorable, the couple decided to analyze more than 40 real estate proposals exhibited at the event and make a financial plan for the near future.

“(Financial) advice is the first step to have a dream house, we will not give up,” María told the adviser as she got up from her chair. She and her husband thanked each other and continued their tour of the fair.

How much contribution is required for a Biess mortgage loan?

Just like them, several visitors came to Biess Island to seek information. There are residential projects in Guayaquil, Samborondón, Daule, Salitre, Durán, Playas and Santa Elena, managed with a share of 10%, 20% or 30%.

Habitat 2023 showcases $40,000 homes and more than 40 real estate projects.

The fair will be in Guayaquil until April 16 and from September 14 to 17 at the Quito Metropolitan Convention Center.

Among the projects on display are Durán City, Villa del Rey, Urbanización Veranera, Ciudad Celeste, Santa Fe, Mirabella, Inmovila, Altavista, La Rioja, Vittoria, Porto, Narcisa Club, Terrazas del Mar 2, Toscana and Ribera Paraíso.

Tips for those who want to access a mortgage loan:

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