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The Minister of Finance, Ignacio Briones, highlighted the approval in the Chamber of the Chamber of Deputies of the bill that allows the postponement of mortgage payments through a Fogape guarantee.
The bill allows granting a state guarantee to facilitate the deferral of mortgage loans, for up to six months, on the main residence of those families that have seen their income fall, are not in arrears for more than 30 days, and that the commercial appraisal of the respective property does not exceed 10,000UF.
“The initiative is aimed at Chilean families that have seen their income affected during the crisis caused by the coronavirus pandemic,” said Briones.
“We know that mortgage credit, for those families that have it, is the main expense item and it represents the most valuable asset they have: their home, ”he commented.
Postponement credit
People looking to postpone their mortgage credit should apply for a “Deferral credit” to its creditor who, after evaluation, may grant the aforementioned credit for the purpose of materializing the respective postponement.
The aforementioned deferral credit will be contracted by public deed and may be executed by mandate conferred through physical or digital means.
The operation will be tax free and it will have a maximum rate equivalent to the rate of the mortgage loan whose installments are postponed.
The deferral loan will be guaranteed with a state guarantee granted by Fogape, which will have a maximum duration of five years.
The new deferral credit may be paid through one of the following modalities:
a) By distributing your installments over the remaining term of the mortgage loan (or a shorter term); or
b) After the mortgage loan, considering a grace period in case there are other loans that have been previously contracted to pay mortgage installments.
Additionally, the new instrument may only be entered into within the first 4 months from the first award of the first bid for the Fogape guarantees.
The minimum requirements to access the postponement of mortgage payments with state guarantee will be:
1. Have experienced a decrease of at least 25% of the monthly income;
2. That the mortgage loan to be postponed has been contracted to acquire the debtor’s main home;
3. That the aforementioned home has a commercial appraisal, which, at the time of requesting the original mortgage loan, has not exceeded 10,000UF;
4. The mortgage loan that is requested to be postponed must not be in arrears for more than 30 days.
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