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Fast has been the journey in the Parliament of the bill that will allow again postpone mortgage loan installments, for first homes, after the offer of some banks to their debtors in that sense in the framework of the economic crisis resulting from the coronavirus pandemic, and which will also create a state guarantee for those commitments, which in the legal text is called “Bail” the payment of such fees.
On Wednesday, the Finance Commission of the Chamber of Deputies sent the initiative to the Chamber, which began with a message from the Executive power.
And on Thursday, the deputies approved in general and in particular by 142 votes in favor and one against the project, which now goes to its second legislative process in the Senate.
If you are paying for your house, learn what this bill says and how you could benefit if it becomes law.
- -What does the initiative consist of: It creates a new type of credit, called “deferral,” which allows the obligations incurred as a result of a mortgage to be deferred for full and consecutive installments.
- -How many dividends will be allowed to postpone: Up to 100% of six dividends, including those that have eventually been postponed as of April.
- -Which entities may deliver the “deferral credits”: Banks, savings and credit cooperatives, managing agents of endorsable mortgage mutuals, creditors of the mutuals granted by the mentioned managing agents and insurance companies.
- -How does the Treasury operate: It will provide a guarantee for the new deferred installments, intended to cover the deferred installments in the event of default and foreclosure. This guarantee is given by the Guarantee Fund for Small and Medium Entrepreneurs (Fogape)
- -What is the validity of the state guarantee: It will be 60 months from the postponement of the credit.
- -How to access the benefit: It may be held through a mandate issued electronically, and also in person, and will not have an interest higher than the interest on the mortgage loan, and so that its realization is simple and does not involve higher costs, no stamp and stamp tax will be paid.
- -Who can get the postponement of mortgage loans: It can be accessed by heads of household who can demonstrate a significant drop in their income. This includes unemployed or suspended workers who receive benefits from the Unemployment Solidarity Fund, as well as independent workers who can demonstrate a significant drop in income. Also micro and small companies.
- -What is the maximum value of the home: It is for homes with a value of up to 10,000 Development Units (about 287 million pesos), which represents about 90% of the first homes, with a delay in the payment of dividend not exceeding 29 days.
- -When could the law come into force: At the time of its publication in the Official Gazette, valid for a period of 62 months.
Everything you need to know about BancoEstado’s “Hipotecazo”
Historical rate of UF + 1.99% for loans that finance up to 80% of the first home is what the state entity offers, and it is recommended to do the online procedure to comply with the sanitary restrictions due to the coronavirus pandemic.
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