One of the great purposes of Colombians each year is to acquire a property, and for this they resort to different alternatives with their financial entity of trust, such as mortgage credit or housing leasing.
In the case of housing loans, the National Savings Fund, Banco de Bogotá and Banco Agrario have the best effective annual rates, with interest of 7.5%, 7.7% and 8.40%, respectively. While Bbva, Av Villas and Bancoomeva have the highest levels of interest (see chart).
For their part, the FNA (7%), Banco de Bogotá (7.7%), Davivienda (9.70%), and Bancolombia (9.75%) have the lowest rates for those who request housing leasing.
“With its programmed savings, the increase in the minimum wage, plus the subsidies that the Government offers today, it is a great opportunity for households to change the payment of the monthly rent for a low installment through a mortgage loan, which today is offered by financial entities. of the Government and also the bank, both with attractive rates”, said Wilson Triana, expert and consultant in banking and insurance.
However, it is important to understand the difference between these two products, and their benefits, before deciding on one.
With the mortgage credit, the user accesses a loan with which he acquires the property of the property and on this a mortgage is constituted that supports the debt.
According to Scotiabank Colpatria, this method of financing is the most used among citizens, since it allows the payment of an initial installment, which is generally 30% of the commercial value of the property, as well as establishing a fixed monthly installment for a few years to distribute the debt among other general expenses.
However, with residential leasing, it is the financial entity that acquires for itself the home chosen by the client through a monthly payment, which is made up of capital and interest as a lease for a certain period agreed with the entity. financial. With this tool, the person has the possibility of making the purchase option of the same property at the end of the contract, or before if he prefers, for a percentage of the initial value.
“In residential leasing, an initial fee is also paid, which is 20% of the commercial value of the property. Here the legal ownership of the property is held by the bank until the customer exercises the purchase option,” Scotiabank said.
In short, leasing is a financial contract and credit is an obligation or debt. This is important if you are not totally sure of your decision or your ability to pay, since a contract is a figure that can be assigned, while an obligation cannot be evaded and must be fulfilled by the entity that buys your portfolio.
In addition, experts remember that banks are not the only entities in the sector that can lend you money to buy a home, so they suggest consulting other credit entities and getting advice.
“In periods of risk and uncertainty, where inflation and interest rates are on the rise, it becomes key to redraw personal and business cash flows that allow optimizing the duration and connectivity of medium and long-term loans with different companies, said the financial analyst, Diego Fernando Palencia.
Credit behavior
According to the latest Quarterly Report of living place In 2021, the growth of the sector remained solid throughout last year, since the entities affiliated with the Banking and Financial Entities Association of Colombia (Asobancaria) disbursed 202,859 housing financing operations (OFV) with a value of $24, 9 billion.
These figures represent an annual variation of 61% in number and 70.7% in real value when compared to the 2020 data. The purchase of new housing received 128,566 OFV for COP 13.5 billion, while for used housing 74,293 were disbursed OFV for $11.6 billion.
According to the president of Asobancaria, Hernando José Gómez, consumer and housing loans showed an increase of 12.8% and 12.7%, in that order; and disbursements had increases of more than 50% in both modalities at the end of last year.
“Despite the crisis caused by covid-19, credit continued to flow, responding to the needs of Colombian households. The levels disbursed in 2021 for consumer and housing loans exceeded pre-pandemic levels, and delinquency indicators have been improving thanks to the good payment culture shown by Colombians,” explained Gómez.
Last year, the leasing portfolio reached $63.8 billion, consolidating its position as the fourth most important financing product in the sector. However, it is expected that for this year it will have a growth close to 3% real.
As of February 2022, the accumulated number of VIS and Non-VIS homes sold was 42,513 units, an increase of 4.2% compared to the same period in 2021, according to the Colombian Chamber of Construction (Camacol).
New subsidy for sustainable homes
This week, the Government launched ‘Ecobertura’, a program that aims at the 2030 Sustainable Development agenda, through an additional subsidy of 10 smmlv for the payment of the mortgage fee for those projects that meet energy efficiency standards. . This type of housing in the country has had a very important boost in the investment decision of Colombian households that helps “to transform the housing market with a vision towards the fight against climate change”, according to the president of Camacol, Sandra Foreros.
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