Peru experiences a real estate boom since recent years. Demand and property prices have increased in almost every city in the country.
The dream of many Peruvians is to have their own house or apartment and the options for housing and mortgage loans are many. Therefore, in this article we explain everything you need to know if you are starting the odyssey of buying the house or the apartment itself.
1. Save money
The apartments are expensive, they are not paid with the salary of one month. Some people save many years before buying a house, mortgage loans help you if you are not one of those who started saving a long time ago. A mortgage loan is a long-term financial commitment in which an institution lends you money to complete the payment of a house in exchange for returning this money (with interest) over a period of several years. If you paid attention, the keyword is: Interest. This loan has a cost and this cost (interest) can be significant when it is paid each month for several years.
2. Try to make a significant initial fee.
If you borrow money, make it less so you pay less interest. If you have something saved, it is never enough. Save more and plan your savings, think that the practice of separating a month-to-month money to save is similar to having to pay a monthly fee, just that you pay no interest to anyone. Make sure that you are being paid the highest interest possible for the money you save, so it will also grow a little. For that, you can use the savings comparator and choose the bank that pays you the most to open a savings account.
You should also know that some banks offer you mortgage savings programs, which consists of a commitment to deposit a monthly amount (type of your apartment fee) for a period of at least one year, after this period the bank knows that you are disciplined in your finances and with your savings you will have an initial fee to access a mortgage loan.
How much do you need an initial fee? Banks generally lend you if you have at least 10%, or in other cases 20%, of the value of the home as an initial fee. Although as we said before: “the more you have, the better.
3. The term depends on your economic conditions.
If you wonder at what time it is better to ask for a mortgage loan, the answer depends on your economic conditions. Asking for less time implies lower costs (less interest to be paid each month and for less months). However, it also means that you will pay more than the monthly fee and this can be a limitation for your finances. A practical guide is to verify that the monthly fee is at most 30% of the value of your salary, so that with the rest you can cover your other survival costs. If you are disciplined and can demonstrate that you can live with less than 70% of your salary for a sustainable period, then you can raise the ceiling for the monthly fee to 40% or perhaps 50% of your salary. Build your budget and keep it in mind to choose the term of your loan.
4. Compare and choose the credit that suits you.
Another important tip to keep in mind is that you choose the mortgage loan that suits you well.
The factors to consider are the following:
1. The facilities that the bank offers you with the project you are going to buy
2. The possibility of paying your credit in advance without penalty,
3. Double fees in the months you receive more money (with the bonus of July and December)
4. Grace periods (pay only after a term, for example, 6 months)
5. A bank that earns lower interest
6. Low prices of insurance of rebate, of housing or other contributions.
All this you can check in the value of the fee that can be simulated by the financial institution. The lower the quota, the better! You will pay less each month.
A lot of attention: Small differences in the quota value can make large amounts if they total. For example, 10 soles per month, for 20 years they do S /. 2400. Nothing despicable, right?
5. Consider MeMorinde fund
You should also consider whether you can access the MeMorinde fund. This government fund offers cheap loans to families who purchase their first home. This program offers you a benefit of S /. 12500 soles if you are punctual in your payments. In simple terms, if you don’t fall behind in your payments, the fund will “give you away” S / .12500. What lowers the cost of credit. This fund has conditions regarding the value of the home to buy and other requirements.
In ComparaDin we offer you a comparator of all the mortgage loans in the market , and we help you simulate the quota value of all of them so that you know how much you will pay each month. In addition, you can compare both normal mortgage loans and MeMorinde here
If you still remain undecided, we show you the predictions for the 2015 real estate sector .