WHAT YOU NEED TO KNOW ABOUT HOUSING SUBSIDIES IN COLOMBIA

Throughout human history, having a place to live has been a fundamental need. Acquiring a new home is one of the main goals for many people in their life plans; however, in some cases this goal may seem unattainable due to the high cost of housing.

For this reason, housing subsidies exist in Colombia. These are financial contributions granted to help with the purchase of a home. They are awarded by Family Compensation Funds to their affiliated members, as well as by the National Savings Fund (Fondo Nacional del Ahorro).

Would you like to buy an apartment for sale in Medellín with the help of a housing subsidy?

To qualify for a housing subsidy, applicants must meet a series of requirements established by the government:

A household must be formed by at least two people, which may include spouses, domestic partners, or family members related by kinship.

• The total household income must be equal to or less than four current legal minimum monthly wages.
• The applicant must have at least 10% of the total purchase price of the property.
• The applicant must not have previously received a family housing subsidy.
• The applicant must be affiliated with a Family Compensation Fund, if applying through this entity.
• None of the household members may own a residential property at the time of application.
• If you are applying for a housing subsidy, you must demonstrate savings that represent the resources needed to acquire a home.

Some common savings methods include:

• Severance pay savings (cesantías)
• Dedicated housing savings accounts
• Periodic savings contributions
• Contractual programmed housing savings accounts

These savings may be accumulated through one or several of these methods. The total amount will depend on the complementary financial resources available and, of course, the value of the housing subsidy.