Thanks to the efforts of the National Government, Decree 257 of 2021 enters into force, which increases the quota-income ratio (Monthly percentage that a credit home can pay with respect to its income) from 30% to 40% for the purchase of interest housing Social (VIS). This will allow low-income households that are currently excluded from access to housing finance, and therefore have not been able to buy a home of their own, to make their dream come true.
“With this adjustment of the limit to 40%, hundreds of households will be able to achieve financial closure to access a home. The modification of this parameter is a very important measure that aims to expand access to credit and will allow more households to acquire their own home paying the same or even less than what they pay today for a rent, ”said Jonathan Malagón, Minister of Housing .
This measure implies an additional boost for the purchase of Social Interest housing in the country, and is a potential source of benefits in terms of inclusion, access to housing and a deepening of the mortgage portfolio.
“With the previous regulation, the maximum monthly percentage that a household could allocate for a mortgage loan was 30% of its income, that is, if that family registered $ 1 million pesos of income, it could not pay a monthly fee of more than $ 300 thousand pesos; with the increase in the percentage, now he could allocate up to $ 400 thousand pesos for the payment of his housing loan, an amount that many households already allocate to pay their rent, ”said Carlos Ruiz, Vice Minister of Housing.
In addition, this measure will allow progress in terms of deepening the mortgage portfolio in Colombia, which today is close to 8% (including leasing and securitization) and in taking advantage of the associated benefits. In addition, it aims to give more opportunities to own the low-income households that today live in rent.
This adjustment applies both to loans for the purchase of housing and to housing leasing operations.
With measures like these, the government of President Iván Duque continues to bet on its premise of making Colombia a country of owners, but also on the economic reactivation of the building sector and the generation of thousands of jobs.
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