Credit Mivivienda, at a lower rate than traditional mortgage | your money | YOUR MONEY

loan amounts Mivivienda They increased 5.1% annually in April, below the 7.5% expansion registered by credits without a government bond, according to data from the Central Reserve Bank (BCR).

This shows that financing for social housing is growing at a slower rate than traditional mortgage loans, contrary to what the market expected.

The lower dynamism of the Mivivienda loan would respond to the reduction in the purchasing power of families, since the lower-income segments are the most vulnerable to price increases, he told Management Gino Laysecageneral manager of the real estate consultancy Layseca Associates.

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Although social housing receives a state subsidy, a deterioration in its ability to pay would be leaving this public unable to qualify for a loan under this modality; while those with higher incomes can assume a percentage point more in the interest rate or a higher initial payment, he added.

People looking to acquire a property can do so through traditional banking, after an evaluation of the credit profile, or through a loan for social interest housing, which grants State bonds if the client is a good payer or if the home included criteria sustainability in its construction.

Jose Francisco Cornejomanager Business Strategy of Caja Arequipaagreed in pointing out that traditional mortgage clients belong to segments A and B, and tend to be less sensitive to price variations.

Instead, Mivivienda and Techo Propio focus on users from strata C and D, whose ability to take on this debt was affected, he said.

Breaking point

“The Mivivienda Fund adjusted the maximum values ​​of the properties that can be subsidized, which will prevent developers from reducing the quality of the product to fit the requirements of the bond; it also improved the subsidy for good payers and has confirmed sufficient support funds for this year”he detailed.

For this reason, Cornejo estimates that between the end of the third quarter and the beginning of the fourth, there could be a turning point in which the growth rate of financing for social housing exceeds that of the traditional one, which has been slowing down.

The data

Cost. So far this year, the interest rate on the traditional mortgage loan has risen rapidly from 6.8% to 7.85%, while that on the Mivivienda loan has barely advanced from 10.53% to 10.58% in the same period, Cornejo said.

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