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April 24, 2025
In 2025, the Colombian real estate market is evolving with new and accessible opportunities to purchase your own home. Bancolombia and Davivienda are leading this transformation with residential leasing programs, a modality that allows Colombians to live in the property while paying a monthly fee similar to rent, with the option to purchase it at the end of the contract. Both banks have adjusted their conditions to facilitate access to housing, eliminating barriers such as high down payments and expanding financing possibilities. We'll tell you how to buy a home while paying rent.
This is a financing alternative that allows people to buy an apartment for sale in Medellín or anywhere else in the country without having to make a large down payment. With this option, the financial institution purchases the property chosen by the customer, who then signs a lease agreement for a specified period of time. During this period, the customer pays a monthly fee that is similar to rent, but with the difference that, at the end of the contract, they have the option to purchase the home by paying a previously agreed residual value. While the contract is in force, the property remains in the bank's name, but the customer lives in it as if it were their own.
This entity allows financing of up to 90% of the property value, with terms ranging from 5 to 20 years. Interest rates vary depending on the type of property: for new projects financed by Bancolombia, the rate is 10% EA; for new projects not financed by the bank, 11% EA; and for used housing, the rate reaches 12% EA.
The remaining 10% of the property value must be contributed by the buyer as a down payment. For example, if someone wants to purchase an apartment for sale for $200,000,000, Bancolombia will finance up to $180,000,000, and the buyer must provide the remaining $20,000,000.
A key feature of residential leasing is the purchase option at the end of the contract, which can be set between 1% and 20% of the property value. The higher the percentage chosen for this option, the lower the monthly fee to be paid, but the final value to acquire the property will be higher. For example, if a purchase option of 20% on the $180,000,000 financed is agreed upon, the customer must pay $36,000,000 at the end of the contract. In that case, the monthly payment is calculated on the remaining $144,000,000.
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Davivienda also offers flexible residential leasing, available for both new and used homes, including social interest projects (VIS). With this alternative, you can finance up to 80% of the property value, or even up to 90% if you access the Mi Primera Vivienda (My First Home) strategy. You can choose between repayment in pesos or UVR (Real Value Unit). If you choose pesos, the terms range from 60 to 240 months; in UVR, you can extend it up to 360 months.
One of the most notable advantages is that you can define the purchase option from the outset, allowing you to control the value of the monthly installments and the final amount to obtain the property. In plans in pesos, you can choose between 0%, 10%, 20%, or 30%; in UVR, between 0% and 10%.
In addition, Davivienda complements its offer with benefits such as: Deferring property tax payments with the “Vivienda al Día” virtual card. Making extra payments at any time.
Transferring the contract to a third party if you decide to change properties before the end of the term, without any deed expenses.
At the end of the contract and upon exercising the purchase option, the property is transferred directly to the buyer's name. You will only have to pay the registration and transfer costs, with no mortgages involved.
At Alberto Álvarez Inmobiliaria, we recommend that you choose the alternative that best suits your needs and financial capacity. Before making a decision, calmly analyze the conditions and benefits of each entity. And remember: always carry out this type of procedure directly with banks or authorized entities to ensure security and transparency in the process.
Written by: Valeria Ospina – Marketing Analyst You may be interested in: What is the security and citizen coexistence tax?
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