HOW TO OBTAIN A MORTGAGE LOAN TO BUY AN APARTMENT IN MEDELLÍN

Has owning your own home always been one of your dreams, but you’re not sure how to achieve it yet? At Alberto Álvarez, we explain how you can purchase an apartment for sale in Medellín.

Buying your own home is one of the main goals for many people, whether or not they have a family. In many cases, it is seen not only as a basic human need, but also as a long-term investment. However, one of the biggest questions when buying an apartment for sale in Medellín is how to complete the purchase if you do not have the full amount of money available at the moment. This is where the common question arises: where will the money come from?

In Colombia, there are several ways to make this dream a reality. Today, buyers can access different financing programs that easily adapt to their budget. Thanks to the plans offered by banks, cooperatives, and the National Savings Fund, you can obtain a loan to finance your home based on your monthly income.

Currently, financial institutions in Colombia may finance up to 90% of the property value through a mortgage loan, meaning you only need 10% of the total value as a down payment. This represents a major change compared to previous years, when banks financed only up to 70% and required a 30% down payment. However, this financing percentage applies only to non–social interest housing.

Requirements to Apply for a Mortgage Loan

To obtain a mortgage loan, the process begins with a banking institution. It is important to research and compare the interest rates offered by different banks and determine which option best fits your monthly income.

This is the most common financing method for purchasing an apartment in Medellín. The application process typically requires documents such as:

Employment verification letter

Bank statements

Income tax return

Withholding certificates

Certificate of ownership and property history

Additional documents depending on the financial institution

You should also consider the type of mortgage loan you want to apply for:

Types of Mortgage Loans Traditional Mortgage Loan

This is a personal loan granted by financial institutions to purchase a property. Through this loan, the property is placed as collateral to guarantee payment. It is the most common type of mortgage and is offered by all financial institutions. The interest rate is agreed upon in advance with the bank.