During this week, on the outskirts of Guayaquil, the Government presented the 5-25-5 mortgage loan program. It has been called like this because of the characteristics that credits have to access a home: 5% interest, 25-year term and delivering 5% down payment.
The particular thing about this mortgage loan is that it has a low interest rate because it is subsidized by the State. And it is a rate destined to the financing for social interest housing, that is to say, that does not exceed 80,100 dollars.
A plan was presented to buy your own home with a 5% down payment, for a 25-year term, with an interest rate subsidized by the Government
This plan, according to the Government, is being executed through the investment it has placed, strategic alliances with entities of the national financial system, the real estate sector and multilateral organizations.
The program is already underway in Guayaquil, as 17 households have accessed a home in the fifth phase of the Santiago City housing complex with these loans.
To access the benefits, social interest and public interest housing loans may be granted by entities of the public, private, popular and solidarity financial sectors that are part of the program.
Currently, Banco Pichincha, Banco General Rumiñahui, Mutualista Pichincha, Cooperativa Atuntaqui and Mutualista Azuay participate in this program.
On the website of the Ministry of Housing there is a list of projects registered in different provinces.
To apply for social interest housing programs, some parameters must be considered:
- Home Value: up to 178 unified basic wages ($80,100.00).
- entrance fee: at least 5% of the commercial appraisal of the property.
- Maximum credit amount: until $76,095.00*.
- Term: maximum of 25 (twenty-five) years.
- Maximum rate: 4.99% annual effective, resettable or fixed.
- Warranty type: first mortgage in favor of the financial entity originating the credit.
- Grace period: There may be a grace period of up to 6 (six) months.
- Housing type: finished house.
- Consolidated maximum income of debtors: 6.34 unified basic wages ($2,853).
The Ministry of Housing announced this week that the 5-25-5 program will be strengthened through joint work with multilateral organizations such as the IDB, CAF and the World Bank. (YO)
Source: Eluniverso
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