Monday, December 11, 2023

Housing benefit for young people: requirements, requirements and what they are

To encourage the purchase of housing in Colombia, the state government has developed a series of support measures so that the youngest people can realize their dream of owning their own home. This help is aimed at those who want to buy Social Interest Housing (VIS) or Priority Interest Housing (VIP).

Some advantages of this assistance are the extension of financing from 80% to 90%, reduction of the loan interest rate by 70 basis points and financing in pesos and UVR, payment term between 5 and 30 years. In addition, agile processes are sought through digital means.

What housing subsidies are available for young people?

One of the government programs to encourage home purchases is “My House Now.” This is aimed at the entire population, but is intended to particularly benefit young people and mothers as heads of families. To access it, registration in Sisbén IV is required. The requirements to receive this help are as follows:

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  • Be registered in Sisbén.
  • I don’t own a house in Colombia.
  • Not having been a beneficiary of any other housing benefit.
  • Total family income or less than 4 SMMLV.
  • You have a loan approval for a home purchase or an approval letter for an apartment lease.

With the Mi Casa Ya program you can receive between 20 and 30 current legal minimum wages per month. This depends on the type of home you want to buy and the income of each household. To request this help, you need to identify a VIS that you like and apply for a loan or lease from the lending institution of your choice. There they should guide you through the following steps.

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Another subsidy provided by the national government is the “FNA Generation”. This is particularly aimed at young people between 18 and 28 years old. The National Savings Fund (FNA) has created an exclusive credit line for this population group, which gives the loan product special features. The following requirements apply for access:

  • Be between 18 and 28 years old.
  • Are you interested in purchasing a new social interest housing (VIS).
  • You must have an income of less than 4 SMMLV to be eligible for housing assistance.
  • Not being a homeowner.
  • They have not previously received housing support from the national government.
  • To access the 100% subsidized guarantee, you must have an income of less than 2 SMMLV.
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