One of the reasons why people fail when buying a home in Colombia is because they are unaware of the procedure they must follow for their purchase.
(Ministry of Housing to give 100,000 subsidies per year from Cambia Mi Casa).
While conditions may change in some cases, depending on the buyer’s ability to pay, the formula for most people is the same.
According to Yolanda Osorio, head of Cafam’s Housing Services section, this formula consists of three elements: own savings, credit and subsidieswhich will guarantee the buyer to complete the resources for the acquisition of the house.
(Housing subsidies: what will happen to them in the Petro government?).
However, in this last aspect it should be noted that there are several types of subsidies for this purpose, which can be complementary so that they reduce the percentage of savings and credit.
One of the types of subsidies for home purchase is the one offered by the State in programs such as Mi Casa Ya. But there are also aids offered by family compensation funds for their affiliates.
For this 2023, the share of the housing subsidy in the compensation funds ranges from $23,200,000 to $34,800,000.
(The housing subsidy to which you are entitled, based on your salary).
This contribution is aimed at households that earn up to 4 SMMLV, and among the additional requirements is that no member of the family owns a property, nor that they have ever received the subsidy. In addition, the price should not exceed 150 SMMLV.
According to Osorio, the main recommendation to buy a home is to save, as this will prevent the credit from being greater and guarantee that the process for applying for the subsidy is much easier and faster.