Buying a home is a significant investment, involving large sums that banks need to ensure you can pay. To guide you, Mendebal S.A. shares the three requirements you need to meet to apply for a mortgage loan.

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• Age requirement: The minimum age is 18 years, and the maximum is 64 years and 11 months. The calculation is based on your net monthly income, the property value, and whether you receive support or a subsidy from any national housing program.
• Maintain a good credit history: This is key to accessing future loans. Your record as a reliable payer on previous and current credits – such as credit cards, car financing, and phone plans – determines if you are a good candidate for a mortgage. If your Datacrédito score is positive, you will be an attractive client for financial institutions.
• Provide the required documents: Every mortgage requires documentation. Depending on whether you are an employee, self-employed, or a pensioner, banks typically request bank certificates, employment letters, tax withholding certificates, a copy of your income tax declaration, ID copies, and proof of no negative credit reports, among others. Check with each institution for their specific requirements.

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Loan term and repayment: Mortgage terms vary depending on the bank, usually ranging from 5 to 20 years. The loan amount may vary depending on the term you choose.

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Financial readiness: To succeed, it is important to have a steady income and significant savings so that your mortgage payment does not impact your overall finances. It is recommended that no more than 40% of your income be allocated to the monthly installment.

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Government support: The interest rate coverage provided by the National Government applies for the first 84 installments, meaning during the first 7 years of the mortgage.

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