In 2008 the offer of mortgage loans reappeared, as an important benefit for Social Security affiliates and retirees so that they can buy their homes, reduce the housing deficit and boost the construction sector.
In the beginning, these loans were administered by the IESS and began with the products of house purchase, house construction, and home remodeling / expansion with an annual interest rate of 10.76%, once the IESS Bank appears in In 2010, this interest rate was reduced to 8.69%, so that those beneficiaries of these credits with the previous rate (10.76%) were automatically favored with the reduction of referred rate, new products were released as purchase of real estate (commercial premises, medical offices), purchase of land and home construction, mortgage replacement, purchase of mortgaged home, purchase of land, this diversity of options allowed us to have a human concept of loans.
However, at present the scenarios are not so encouraging for those who want to access these loans; Although it is true now the interest rate has reduced to 5.99%, but this is only in the home purchase product and where its appraisal does not exceed $ 90,000.
Unfortunately, the actions of the Biess in the offer of mortgage loans have weakened; A product was eliminated that in the province of Manabí occupied around 40% of the total loans granted, I mean “purchase of land and construction of housing”, as well as in housing construction if before it financed four times more in relation to the appraisal of the land, now it only finances up to three times more, if the purchase of land was previously a 12-year term, now it is a 10-year term and it does not finance 100%, home remodeling continues to be disabled on the Biess website.
We hope that the new government will strengthen this institution and reactivate all these products with the positive conditions they contained. Regarding the interest rate of 5.99%, this is applicable for all products and those who currently have mortgage loans with interest rates of 8.69% receive this new rate (5.99%), which will make it possible reduce the delinquencies that these loans currently reflect.
Certainly the management and administration of mortgages corresponds to be technically responsible, but they should never lose their social vision.
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