YOUNG HOMEOWNER, YOUR OPPORTUNITY TO OWN A HOME HAS ARRIVED

This type of housing has seen significant growth in development and construction. Between 2011 and 2020, two million homes were built, of which 56.3% were Non-VIS, 34.6% VIS, and 9.1% VIP. For this year, growth of 4.5% in construction and 2% in real estate activities is expected, providing greater availability of apartments for sale in Medellín.

Requirements to Access This Benefit

Accessing this benefit is very simple. You must meet the following requirements:

• Be between 18 and 28 years old
• Have income not exceeding 4 SMMLV
• Not own a home
• Not have previously received a housing subsidy from the National Government
• To access the 100% subsidized guarantee, your income must be below 2 SMMLV

It is important to note that you do not need to fill out online forms with your personal data to apply. You only need to visit an office of the National Savings Fund to receive more information.

This project is extremely valuable, but… don’t be discouraged! If you are over 28 years old and your dream is to buy an apartment for sale in Medellín, the Government has also created a subsidy for you.

In 2020, President Iván Duque allocated 100,000 interest rate subsidies for mortgage loans and housing leasing operations for the purchase of new Non-VIS housing. These subsidies will be available until December 2022 or until all quotas are exhausted.

In 2020, 20,000 quotas were available; in 2021, 40,000 quotas; and the same number is projected for 2022.

Beneficiaries will receive approximately COP $439,000 per month during the first seven years of the loan to help cover interest payments, equivalent to a subsidy of 42 minimum wages.

Important Considerations

• You must not have previously benefited from a family housing subsidy from the National Government and/or Family Compensation Funds, nor from any interest rate coverage.
• To apply, you can visit the bank of your choice to request a mortgage loan or housing leasing.
• The subsidy applies to the purchase of new urban housing valued at no more than 500 SMMLV, equivalent to COP $454,263,000 (calculated based on the 2020 minimum wage).
• You cannot purchase the home you currently live in, as this applies only to new Non-VIS housing. It may be a first or second home, but it must be new.
• You may purchase pre-construction (off-plan) housing. In this case, the subsidy is requested at the time the loan is finalized.
• If you already own a home, you may apply for a new purchase. The Government allocated 40,000 quotas for second-home purchases and 60,000 quotas exclusively for first-home purchases.
• Individuals who have received a housing subsidy in rental modality may also apply for interest rate coverage for Non-VIS housing.
• Those who have previously benefited from Mi Casa Ya are not eligible for this benefit.

In Colombia, there are 14 million households, of which 37.6% own their homes, while 5.8 million live in rental properties. Today, thanks to these programs, you can become one of the people who achieve this dream. We hope this information helps you find the ideal apartment for sale in Medellín.

Source: Minvivienda