Chileans Seeking Homeownership: Housing Savings Account Now Key to Subsidy Access
SANTIAGO - Aspiring homeowners in Chile now face a critical first step in securing government housing assistance: opening a dedicated home savings account. BancoEstado, the nation’s largest bank with over 16 million customers, is a primary avenue for establishing these accounts, which are increasingly essential for qualifying for housing subsidies. The recent emphasis on these accounts streamlines the request process for vital financial aid programs.
These subsidies – including the Housing Subsidy and the General Territorial Interest Subsidy – are designed to make homeownership more attainable for Chilean families. Previously, application pathways were more varied. Now, possessing a qualifying savings account is a foundational requirement, impacting a significant portion of the population seeking affordable housing solutions. The move aims to simplify the process and ensure applicants demonstrate a commitment to saving for their future homes.
BancoEstado outlines four core requirements for opening a home savings account: applicants must be individuals over the age of 18, not currently hold another housing savings account within the Chilean financial system, and make an initial deposit of at least 0.5 UF (Unidad de Fomento,a Chilean inflation-indexed unit of account).
The process is readily accessible through the BancoEstado mobile application. Users can download the app or log in to an existing account, select the “Open Account” option, choose “Home Savings Account,” and initiate the process with a minimum deposit of $5,000 Chilean pesos.
establishing a home savings account is now considered a basic prerequisite for accessing the primary housing subsidies available in Chile, solidifying its role as a cornerstone of the nation’s affordable housing initiatives.
