In the framework of mortgage financial system in Venezuela and in accordance with the standards in the field of housing policy, we find a series of loans depending on the source of funds, as well as the fate of them. In this sense we can mention the following types of appropriations earmarked for the purchase of main housing: financing with the Fund of compulsory saving for housing (faov). Loans with funds from banks. As for the destination, the financing will be destined to the following concepts: real estate acquisition expansion of real estate remodeling of housing self-construction in this article will touch the subject of appropriations for housing policy for the acquisition of real estate. In the field of housing policy, is stable to users of the system who contribute trading with the faov shall be eligible for financing on the purchase of your property, always and when it refers to main house. Stable conditions for access to mortgage credit system are of interest social, taking into account the income accruing users who are granted loans accessible to its possibilities.
Now let’s see what the conditions of loans for the acquisition with the resources of the housing policy. Monthly financial fee: The fee payable monthly for the use of a credit of housing policy, in no case may exceeds thirty percent of family monthly income, according to the following scale: income monthly fee up to Bs. 2800 20% from Bs. 2800 to Bs. 5474 25% from Bs. 5474 until 7000 Bs. 30% as we seethe legislation preserves the amount that the family must spend to deal with the financial costs of the mortgage loan product; Type of interest: in terms of rates to pay annually by way of mortgage credit, the system of stable housing policy the following: monthly income rate to Bs. 2800 4.66% from Bs.
2800 to Bs. 5474 6.61% from Bs. 5474 to Bs. 7000 8.55% term for payment of the credit policy Housing: housing policy system users will have a maximum time limit for paying the mortgage for 360 months. Maximum funding for the acquisition of dwellings: the maximum amount to finance according to the appraisal made by professionals in the field of expertise, is one hundred per cent of the market value of the property. Expenses generated by the housing policy credit approval: as for the expenditures arising from the lending of housing policy for the purchase of housing, we have the following: insurance: is calculated on the loan amount granted multiplied by the rate, which is 1.43% at the time of writing this article. Bank Commission: payment of 0.5% Bank Commission calculated on the amount of the mortgage. Appraisal of the property: is the payment that is made to determine the market value of the property, is carried out by specialized companies or by independent surveyor authorized by the Superintendency of banks. Registration costs: A novelty which brings the law of housing policy is that the costs of registration as well as other rights, fees and contributions are exempt, which constitutes a great savings for families. In terms of the maximum afforded by the system of housing policy with the resources of the faov, is currently Bs. 271.858,80 for families who have an income of seven thousand bolivares. For families who have incomes of less than Bs. 2600, sets the law of housing policy, a direct housing subsidy that gives the system, which will not be subject to repayment by the beneficiaries of the housing policy. Original author and source of the article