In Colombia many people work with the goal of saving to buy a living place. Whether new or used, they allocate their money for basic expenses and, despite the fact that many things have increased substantially, the savings for housing are not used for other things.
With a monthly income equivalent to the minimum wage which, during this 2022 was $1,000,000 plus transportation assistance for $117,172, many workers were determined not to stay in a rental home but to have your home without limits in decoration, changes and schedules.
For 2023, it has not been established how much the minimum wage will increase, however, It is estimated at $140,000if the productivity data of the Dane of 1.24% and the annual inflation of November which ended at 12.53%.
In colombia 43.1% of workers in the country earn less than a minimum wage, and 15.7% earn one. But it is not impossible for them or for independent workers to find housing in Colombia, since through credits and subsidies can come true.
Options with minimum salary to acquire housing
And credit mortgage or housing It is a medium or long-term loan that is granted for the purchase, expansion, repair or construction of a home, purchase of sites, offices or commercial premises.
In this case, lo they grant the banks and it works like any mortgagewhere after having finished the payment of the installments the house will be yours.
To analyze which one is best for your pocket, It is necessary to analyze how much each bank charges for interest rates, limits to provide credit and time limits to pay it.
According to Ranka, The best mortgage loans in 2022 were those of Banco AV Villas, Banco Caja Social, Bancolombia, Davivienda, Banco Popular and Colpatria.
Well, unlike government programs like Mi Casa Ya, which is aimed only at families with incomes equal to or greater than $4,000,000, These financial entities request a minimum income equivalent to a minimum monthly salary.
For example, AV Villas in its requirements highlights payment terms between 5 and 15 years in pesos and 240 months in UVR. With a minimum age of 18 years to access this credit and a maximum of 70 and financing of new properties whose commercial value is equal to or greater than $20,000,000.
For his part, social housing Bank states that the percentage of housing financing ranges from 50% to 80% depending on the stratum and the value of the property. In addition to a minimum credit amount of 20 minimum wages in pesos and 10 wages in UVR. Unlike AV Villas, it offers tax benefits.
Bancolombia is characterized by providing option to change modality and plan from UVR to pesos or vice versa. A free credit study, extra credits, advance payments and early cancellation, without sanctions. Possibility of changing the payment date and increasing or decreasing the terms and flexibility in the plans.
Here, as in the previous banking entities, the main debtor’s income must be a minimum of 1 SMMLV.
According to Habi, VIS housing projects They are social interest homes that have the elements of minimum habitability. These elements are the acoustics of the house, lighting, ventilation and spatial comfort; these projects They have a maximum cost of 135 or 150 minimum wages which are equivalent to the sum of $135,000,000 with a cap of $150,000,000.
Secondly, Non-VIS housing is the property that exceeds the value of 135 or 150 minimum wagestaking into account the construction area, the property may have a higher cost.
For example, projects located in the northern area of Bogotá, close to main roads and with access to shopping centers, are more expensive than projects located in Funza.
during november the Ministry of Housing announced subsidies for Colombians interested in acquiring non-VIS real estate in the country with 100,000 coverages for housing and for housing leasing operations.
This benefit consists in future owners will receive $500,000 per month to pay the mortgage loan during the first seven years of validity of the non-VIS housing subsidy. The beneficiaries will be those households that have incomes of up to $4 million.
Therefore, if you were considering applying for a national government subsidy, you should keep in mind that they are for people who receive 4 minimum wages per month and can have a high part to cover the balance of the house.