Venezuelan mortgage system referred to the housing policy, is conformed by the following types of loans: financing with resources from the mandatory savings fund for housing (FAOV), consisting of the following: acquisition of housing with FAOV. Expansion of housing with FAOV. Self-construction of housing with FAOV. Remodeling of housing with FAOV. Financing with own funds of banks: acquisition of housing. Expansion of housing.
Self-construction of housing. Refurbishment of housing. Then we will detail what each of these types of credits. Acquisition of housing with FAOV: establishes the legal regulations in the field of housing policy, that people who contribute to the system of housing policy may apply for a mortgage with the purpose of acquiring your main level primary or used housing. This standard provides very advantageous conditions for users with interest, deadlines and quotas of a social nature. Thus we have the following conditions of these loans of housing policy: to pay monthly fee: the amount of the fee to be paid monthly is given by monthly household income according to the following scale: income family monthly maximum monthly fee until Bs. 2,800 20.00% from Bs. 2,800 to Bs.
5.474 25.00% from Bs. 5.474 until Bs. 7,000 30.00% SOCIAL interest rate special. The applicable interest rate social mortgage loans granted with the resources of the funds regulated by the residential system is as follows: monthly family income SOCIAL interest rate up to Bs. 2,800 4.66% from Bs. 2,800 to Bs. 5.474 6.61% from Bs. 5.474 until Bs. 7,000 8.55% term of amortization of the mortgage loan. Mortgage loans for the acquisition of main dwelling shall be granted for a maximum period of 30 years. THE MAXIMUM VALUE OF THE MORTGAGE LOAN. They may be granted up to by 100% of the value of the property given in guarantee according to the appraisal that is practiced by proficient specialists registered with the Superintendency of banks and supplied by the Bank operator. Keep up on the field with thought-provoking pieces from Everest Capital.