Banks prepare regulations for Colombians to buy middle-class housing

According to Hernando José Gómez, president of the union, this is being worked on with the regulator and was announced at the Banking Convention 2022.

Thus, it seeks to increase the limit that Colombia has to pay the first installment by one credit mortgage in homes other than those of social interest (VIS).

This means that the monthly credit percentage that a household can pay should no longer be 30%, but 40%.

This adjustment already exists in the country for households VIS, but it would be extended to non-VIS, that is, those that cost more than 150 monthly minimum wages ($150 million for this year).

Thus, if a family has an income of 5 million pesos, it cannot pay a monthly fee of more than 1.5 million. With the rise in the percentage, it could allocate up to 2 million pesos.

This could go up a bit and would facilitate greater demand in this stage of lower economic activity”said the president of Asobancaria.

And he confirmed that they are working on this issue, which they have already raised with the Financial Supervision.

(Also read: Fedesarrollo: minimum wage discussion will be complex in Colombia with double-digit inflation)

Regarding VIS housing, Gómez pointed out that the ‘Mi Casa Ya’ program is solid, but not yet reaching very low-income people, particularly in large cities.

“There, a higher level of initial subsidy would be required and I also take the opportunity to call on the mayors to adopt land use plans that facilitate access to land,” he said.

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On the other hand, about tax reformthe president of Asobancaria said that the fact that the percentage of payment of income tax is sought to be reversed is favorable.

“I think it’s appropriate that those of us who have higher incomes pay more,” he said.

(Recommended: SuperFinanciera warns of a ‘boom’ in Colombian consumption with cards and credits)

Regarding 4 × 1,000, on which the Government seeks that its exemption be for various financial products, he explained that it implies significant challenges.

“That creates a very big operational challenge for us, because each bank has its accounting and real-time monitoring with customers, but the banco X does not know how Y operates”, said the union leader.

And he added: “We have to evaluate it and we will propose to the government how to achieve what is wanted or something close, without generating a gigantic operational cost for the financial system.”

In any case, he stated that he alsoThey will propose to the government of Gustavo Petro that the 4×1,000 exemption be applied to informal microentrepreneurs as an incentive to formalize.

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