What do you need to do to obtain the Mi Casa Ya subsidy?

What are the requirements to obtain the Mi Casa Ya subsidy?

This benefit is aimed at Colombians who are interested in purchasing a new home, who have not benefited from another housing subsidy, and who do not own property in the country. Interested households must complete the Sisbén IV survey and have a classification equal to or lower than D11 for households in urban areas and D20 for rural households.

Additionally, they must search the real estate sector for a new social or priority apartment for sale, either urban or rural. Subsequently, they must go to the financial institution of their choice, the solidarity economy entity, or the family compensation fund of their choice to apply for a mortgage or housing lease.

What are the benefits?

First, it provides a subsidy for the down payment, the amount of which depends on the Sisbén group to which the household has been classified.

In urban areas, households classified by Sisbén between groups A1 and C7 receive a subsidy of 30 times the current legal minimum monthly wage (SMMLV) for the down payment. On the other hand, households classified by Sisbén between C8 and D11 will receive a subsidy corresponding to 20 times the SMMLV. In rural areas, those with a Sisbén classification between A1 and C14 receive a subsidy of 30 SMMLV, while those with a Sisbén classification between C15 and D20 receive a subsidy of 20 SMMLV.

It also benefits households with mortgage or residential leasing interest rate coverage granted during the first seven years, with the aim of reducing monthly payments. The amount depends on the type of home purchased.

How are beneficiary households prioritized?

Subsidies are prioritized for people in particularly vulnerable situations and for those living in rural areas and small towns. Interested households will be assigned a score ranging from 0 to 100, based on the characteristics and location of the home they wish to purchase. As long as there are places available, the benefit will be given to the households with the highest scores.

Finally, remember that this process will now be carried out through Sisbén IV and not by income range. This benefit is a new alternative for those households that are most vulnerable and wish to buy a home in areas not covered by the program. If you wish to access this subsidy, seek advice from trusted individuals or entities to ensure that the process is clear and transparent for you.