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The Government, through decree 1233, issued this Monday by the Ministry of Finance, assigned 100,000 interest rate coverage (rate subsidy) for mortgage loans and housing leasing operations, granted by financial entities and family compensation funds, for the purchase of a new No VIS home of up to 500 minimum wages (438 million pesos in 2020).
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In accordance with the regulation, which has the resources of the Reserve Fund for the Stabilization of the Mortgage Portfolio (Frech), these hedges are available until December 2022, or until stocks are exhausted.
With this, the beneficiaries of the No VIS subsidies at the interest rate will receive about 439,000 pesos per month during the first 7 years of the loan, which is equivalent to a total subsidy of more than 36 million pesos, 42 minimum wages, so that more families can make the dream of owning their own home come true.
Housing Minister Jonathan Malagón explained that To access this program, interested persons must not have received a family housing subsidy from the Government and / or the family compensation funds, or any interest rate coverage in the past.
To apply for the mechanism, the interested buyer must do so through the bank of his or her preference of the person at the time of requesting a mortgage loan or housing leasing.
See below for the full Decree.
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According to the official, the subsidy is different from the one that had been eliminated, mainly because now the range of Non-VIS homes to which it can be applied goes up to 438 million pesos, which broadens the range of the price of the home that can be applied. While of the total coverage, 60,000 will be directed exclusively to the purchase of a first home, while the remaining quota may also be applied to the purchase of a second home by buyers.
If a family wants to buy a second home, they can do so by applying for those 40,000 places, but they must comply with the conditions of not having received subsidies from the Government or the family compensation funds or having been a beneficiary of past interest rate subsidies.
Recipients of Non-VIS interest rate grants will receive $ 439,000 each month for the first 7 years of the loan, which equates to a total grant of more than $ 36 million.
However, Malagón explained that those who are beneficiaries or have received a family housing subsidy in the form of a lease may also apply to coverage at the interest rate for Non-VIS homes. The beneficiaries of ‘Mi Casa Ya’ will not be able to receive this coverage.
Malagón stressed that the scheme can be used in the purchase of housing on plans (under construction), in which case the subsidy is requested at the time of legalization of the loan.
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