Depending on the economic situation, you can apply for a total or partial subsidy, in addition to a preferential loan at 4.99%, the lowest in the market.
The access to own housing It is a complicated issue in Ecuador. On average, and with the conditions and interest rates in the market, $854 is needed to buy a house on credit.
One of the cheapest options on the market is the mortgage loan of the Bank of the Ecuadorian Social Security Institute (Biess), with a rate of 5.99%. This option is restricted only to the three million Ecuadorians with affiliation to the IESS.
However, another lesser known alternative is the application to bonus and financing subsidized through Ministry of Human Development and Housing (Miduvi). This alternative is the cheapest and with the best conditions.
Homes up to $97,000 can be subsidized or financed
In the Casa para Todos project, four population segments are established as targets for aid.
First, it offers a subsidy of the State, that is, the total payment of housing with public funds for Ecuadorians in a situation of poverty and vulnerability.
To access this benefit, three basic requirements must be met: Being Ecuadorian, of legal age; be part of the Social Registry and if you do not have it, you must register; not count on own home.
When applying, the applicant will be evaluated regarding their income level, and other characteristics such as whether they have under their protection or care people with catastrophic, rare and orphan diseases; older adults, children and adolescents, if they belong to peoples or nationalities recognized by the Ecuadorian Constitution.
The beneficiary can have their own land, for which they have two house options (two bedrooms and three bedrooms). If not counted, it will be built on State land.
Second, you can also benefit from a subsidy partially by the state. In this case, the living place or apartment must have a value between $23,024 and $40,608. That subsidy partial is $6,000.
At the same time, you have access to a credit with a preferential interest rate of 4.99%, up to 25 years, and with a 5% down payment (between $1,151 and $2,030).
Among the basic conditions is to have a maximum income of $1,000 per month and that you are looking to buy the first and only living place; in addition to not having received an additional subsidy or bonus from the State.
Third, with a family income of around $1,200 per month, you can also get credit preferential for low-income housing with a value between $40,608 and $71,064. The conditions are the same: interest rate at 4.99%, 25-year term and 5% deposit.
Finally, the fourth segment is the households of public interest, which is aimed at families with average economic income, that is, with around $2,200 per month.
The houses must reach a value of up to 228.42 unified basic salaries, which is equivalent to a little more than $97,000.
“The value includes the urbanization works of the project of living placeas well as the value added tax (VAT) generated in the local acquisition of goods and/or provision of services used directly in the construction of the living placein accordance with current regulations”, details the Ministry of Housing.
More information, and the registration form for any of the four segments, can be found on page Housing of Social Interest 2 | MIDUVI-Housing.
The preferential loans they can currently be obtained through four private entities: Banco Pichincha, Mutualista Pichincha, Mutualista Azuay and Banco del Pacífico. (JS)
