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.
