The Superintendency of Banking, Insurance and AFP (S.B.S.) defines the mortgage loans such as those intended for the acquisition, construction, renovation, remodeling, expansion or subdivision of a home, as long as they are backed by mortgages duly registered in favor of a financial institution.
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According to information from banking institutions, these loans can cover up to 90% of the value of the property and offer payment terms of between 25 and 30 years. To access a mortgage loan, a minimum income is required, which can vary between S/1,000 and S/1,500, supported by payment receipts or fee receipts. In addition, it is possible to make extraordinary payments in July and December to reduce the loan balance.
The SBS informs that, as an owner, certain additional expenses must be covered, such as registration expenses (payments in Public Registries), and notarial expenses (notary fees to document the purchase and sale). There are also appraisal expenses, that is, the payment made for the physical evaluation and inspection of the property.
An important aspect to consider is that the borrower has the right to make early payments, either partially or totally, allowing the loan to be paid before the agreed term. When settling the debt, it is necessary to request the financial institution to lift the mortgage. The financial institution is obliged to deliver the survey minutes free of charge.
Finally, Professor Jorge Guillén, from the School of Business Administration (ESAN), recommends obtaining a mortgage loan between the ages of 30 and 35, a time when people usually achieve greater financial stability.
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