The Challenges of Applying for a Mortgage Loan in Colombia

Applying for a loan is becoming more and more difficult, since the amount of debt that a Colombian may have can be a negative point that banks are seeing when approving it.

Thus, citizens have had to opt for other loan alternatives and so on, as is the case of the mortgage, that a natural person can request from a financial institution in the medium or long term.

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This type of loan gives the lender guarantees of not losing everything, because in the event that the debtor does not pay on time, depending on the chosen term, You will be able to sell the property and thus recover your money.

How much is the maximum loan of a mortgage

It is important to note that each entity is free to stipulate a minimum and maximum loan amount for the mortgage.

However, in most casesBanks lend 80% of the value of the mortgaged property for a period between 20 and 30 years.

Requirements to apply for a mortgage in a bank

When applying for the mortgage, the entity will review some aspects that will help identify your economic capacity in order to know what future the loan has.

Generally, You start to look at the level of income, your job stability, your credit history and even your age, which, according to the entities, cannot exceed 75 years. However, there are some banks that provide loans to those between 30 and 45 years old.

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• Own the property you are going to mortgage.
• Have the property title and the certificate of freedom no older than 60 days.
• Be safe and sound with district, municipal and national property taxes.
• Have the appraisal of the property.
• The property cannot be under construction.
• Have a labor certificate that is not older than 60 days