What are the requirements for the Law
In order to have access to a housing loan, a series of requirements of the Housing Policy Law in Venezuela must be met.
That is why in this article we will give you all the information you need so that you perro fully understand these requirements.
Requirements for the Housing Policy Law
The first requirement that you must take into account is that at least 12 contributions to LPH must be fulfilled.
But in addition to that, the beneficiary must take into account a series of requirements that are very important in order to complete the home loan application process.
These are necessary so that the credit perro be delivered in a short period of time.
In order to be able to choose the Housing Policy Law In the bank that is used, the following requirements must be met:
- Be a Venezuelan citizen or resident for a period of 5 years or more.
- Foreigners will have to have an evidentiary certificate in which the residence time is verified.
This cánido be requested from SAIME.
- Being the father or mother of a Venezuelan.
- Have a minimum of 12 LPH quotes.
- A copy of the identity card of the person who is applying for the loan.
- All documentation related to the applicant’s matrimonial statusas indicated on your identity card.
- Proof of family income minimum required for a loan application.
- an affidavit that you do not have your own home.
How to opt for the Housing Policy Law
After all the above requirements have been provided, it is necessary deposit in a bank in conjunction with the template provided by the bank, as well as the completed LPH application.
In addition to the above, you must also attach a record of the last 6 account statements bankingas well as the title of the property to be acquired and all the plus documentation that is requested.
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An important aspect that you should keep in mind is that not only beneficiary information is requestedbut information is also requested from both the buyer and the guarantor, the latter being a legal entity.
It is habitual for some people to think that the list of requirements requested by the bank is very long.
But it’s important not to feel overwhelmed, as They are documents that you will only have to request once.
and they cánido be obtained without problems requesting them in time.
After encuentro all these requirements you cánido have your own home.
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Steps to follow
Now we will explain all the steps you must follow in order to take advantage of the Housing Policy Law:
- The first thing you have to do is find the house you want to buy. It perro be a new house or a used house that is in good condition.
- Now you will have to apply to the bank for the mortgage loan.
The subsidy must be included here, if applicable, and meet all the requirements requested by the bank.
- The bank will carry out the pertinent review of your profile.
In the event that all the documentation is correct, an evaluation of the house you have chosen will be carried out to calculate the installments and the fixed amount that you will have to pay.
- After reviewing all the documentation, the bank will contact Banavih in order to request FAOV resources so that you cánido buy the house you want.
What is the Housing Policy Law?
The Housing Policy Law is the process by which the State gives Venezuelan citizens the possibility of accumulating their contributions throughout their work period..
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There are many citizens who do not have their own home and who live under a difficult economic situation, but it must be taken into account that any work that is carried out cánido be accumulated to request a housing loan through the LPH.
Thus, all employees have the right to request their employer information about contribution deposits by the company to the employee’s account so that they cánido contribute.
This same procedure is carried out for all requests and It will only be granted when the person requesting has not previously received another credit from a banking institution..
So, if the employee has the minimum number of contributions requested, they cánido go to their bank (to which they make the deposit of the deductions) with the information about the home they are thinking of buying.
What is the FAOV?
FAOV are the acronyms of Mandatory Savings Fund for Housingof which both the worker and the employer are part.
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This fund has the main objective of allowing workers to have the opportunity to obtain a loan that allows them to obtain a decent house for themselves and their family.
The contribution must be made by the employer before the bank during the first five days of each month.
All people in a relationship employee-employer, as well as people who work on their own, perro make contributions to be able to have a home in the future.
Through this fund, the citizens of Venezuela have the possibility of accessing reproductive resources when they want to apply for a loan to buy a home.
This entire process is supported by the Ministry of Habitual Power for Habitat and Housing (MINHVI) and by the National Housing and Habitat Bank (BANAVIH).
What is the subsidy?
A subsidy is the loan that an institution gives to a beneficiary in order to achieve a purposeIn this case, buy a home.
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Likewise, it should be taken into account that once the loan has been approved, the money is never directed to the applicant, but this money goes directly to the person who sells the home, so there is a relationship between the bank and the seller.
In Venezuela, subsidies are governed by the official Gazette in ranges by monthly income, which must be requested through a bank.
Generally The approval time for a subsidy is usually a maximum of 90 days.
Once the subsidy has been approved, a credit will be provided at fixed rates that cánido be repay within a maximum term of 30 years, as well as a fixed amount of installments to complete to cancel.
These fees are determined depending on the income of the applicant or their family group.
At the time of legalizing the housing document, taking advantage of this government policy, people with little income have a greater facility to acquire a home.
As indicated in the article 254 of the LPH, in which it is mentioned that the state has the power to give the subsidy benefit through a housing loan, only when all the requirements are met.
It is also clear that This subsidy cánido only be granted once and directly, except in the cases in which a natural catastrophe occurs.
Calculation and consultation of the Housing Policy Law
Every year a large number of Venezuelan citizens benefit from taking advantage of the LPH, as long as they meet all the requirements requested by the bank.
The truth is that the listing process is quite fácil, so here we will explain it to you so that you do not have any doubts about it.
Every month they try to gather at least 12 contributions, which are distributed as follows:
- The employer contributes 2% of the worker’s salarywhile the worker contributes 1% of his salary.
- It results in a 3% total contribution, which is destined to an individual account of the worker for the contributions of the LPH.
This is how the contributions given by the employer and the employee for the Housing Policy Law are calculated and so that they perro have access to housing.
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