Can I Lose My Housing Subsidy? Find Out Here
When thinking about buying your first home, the housing subsidy is one of your best allies to make it a reality.
Here’s what you should avoid to ensure you don’t lose this benefit once it’s approved by your compensation fund.
Housing subsidies have expiration dates, terms, and conditions that you must be aware of to prevent any mistakes that could jeopardize your access to them.
Why could you lose the housing subsidy granted by your compensation fund?
- It only applies to the purchase of your FIRST HOME
This benefit can only be used for your first property purchase. If you try to use it for a second property, the subsidy will be canceled permanently. - You cannot rent or sell your home for 10 years
The property for which the subsidy applies cannot be sold or rented during this period. The goal is to ensure that the beneficiary makes full use of the support provided. - Submitting false documents
Honesty is essential. All income and personal information you submit must be accurate. Providing false documents will not only cancel your subsidy but could also lead to legal investigation for Fraud in Subsidies, according to Article 403A of Law 599 of 2000. Always tell the truth from the start. - Modifying the property without the necessary permits
If the home does not meet safety or habitability standards, it will not be eligible for the subsidy. Any structural modifications made without official approval will also result in losing the benefit. - Non-payment of utilities
Delays in paying utilities, administration fees, or property taxes can lead to the revocation of the subsidy and loss of the financial support. -
What happens if I lose the subsidy? Can I apply again?
Yes, you can reapply. However, if you violate any of the above rules, you may face a penalty of up to 10 years without access to any government subsidies. The best approach is to be transparent from the beginning to fully take advantage of this important support for your first home.
At Mendebal, we work for you. Ensuring you have clear information to make your dream of owning a home come true is one of our top priorities.
If you have questions or need guidance, visit our website or contact us via WhatsApp by clicking HERE, where our advisors will provide all the information you need to start your home-buying journey.