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January 25, 2024
Being able to buy a property not only represents stability and security, but also guarantees successful appreciation in the medium to long term. And as we all know, in order to purchase a home, it is essential to have sufficient financial resources for the down payment and to reach a successful financial closing. With the aim of facilitating this process, the National Government has implemented assistance programs designed to promote home purchases. Below, we explain how to access the rental subsidy in 2024.
This subsidy aims to help employees and self-employed individuals who make monthly rental payments to channel their resources toward purchasing a property. The subsidy is financial assistance that can cover up to 90% of the total cost of renting an apartment in Medellín, whether new or used.
This benefit is offered by some compensation funds. The Ministry of Housing has provided multiple financial aids to increase the possibility of a greater number of people being able to obtain their own home. This is achieved through specific contributions to the down payment and interest associated with the purchase of a home for sale in Medellín or any other area of the country.
– Individuals must be affiliated with a compensation fund
– They must have an income equal to or less than two (2) SMMLV
– The property for which the subsidy is being requested must not be subject to liens or mortgages
– The property cannot be in a risk area and must be suitable for habitation
– None of the members of the family requesting the subsidy may own a home in the country or have previously been a beneficiary of the subsidy.
– The apartment being rented may be new or used, but the rent must not exceed 1% of a VIS home.
It is important to note that some compensation funds may have additional requirements, but these are the main ones for accessing the subsidy, which can grant up to $780,000 pesos per month for two (2) years.
– You must contact the advisors who work at the compensation fund to which you are affiliated. Remember that there is no set date for applying for the subsidy; it all depends on the entity.
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– Check that the family compensation fund offers the financial subsidy, as the application can only be made through it.
– Review the specific process for applying for the subsidy, as this may vary from one entity to another. In addition, the process usually begins online, and you can apply through your employer.
– After applying, complete the forms and submit the necessary documents.
Finally, remember that the Ministry of Housing has created other assistance programs aimed at helping Colombian families purchase a home for sale in Medellín or anywhere else in the country, such as Mi Casa Ya, the Family Housing Subsidy, and the Rural Housing Subsidy, among others. Each of these programs has specific requirements and conditions. Ultimately, each of these options is an opportunity to get closer to fulfilling the dream of owning your own home. As always, at Alberto Álvarez Inmobiliaria we recommend that you seek up-to-date information and advice from trusted sources.
Put your dreams in safe hands!
Written by: Valeria Ospina – Marketing Analyst
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