Product of the situation created by the indexed credits that affected the class average at the end of the last decade, established the foundations of the introduction system of housing and habitat, formed by a series of laws and regulations aimed at obtaining financing for the purchase of main dwelling in conditions favourable to families with limited economic resources. This is how he was approved the law governing of housing and Habitat, which establishes guidelines for housing policy in Venezuela. That legal instrument envisages a series of measures that establishes the basis for the creation of a system of housing policy for the acquisition, expansion, remodeling and self-construction of dwellings of social interest. The users of the system will contribute with their contributions, as well as the employer and the State. Laws in the field of housing policy aspects arise in mortgage credit rating: fee financial to pay monthly: users of the housing system be allocated between 20 and 30 percent of their income to pay the mortgage according to the following monthly income scale fee up to Bs.
2800 20% from Bs. 2800 to Bs. 5474 25% from Bs. 5474 to 7000 Bs. 30% families who obtain revenues exceeding 7000 Bs., may access the system of housing policy, allocating a percentage of their credit portfolio Bank to finance these sectors. Interest rate: in terms of the interest rate, sets the standard of housing policy maximum buffers taking into account household income according to the following scale: income monthly interest up to Bs. 2800 4.66% from Bs.
2800 to Bs. 5474 6.61% from Bs. 5474 to Bs. 7000 8.55% maximum repayment term of the loan: the maximum time to pay off the mortgage is 30 years. To provide maximum value: taking into account the purchase price or market value, the lowest, may finance up to 100% of the purchase of the home. Expenditure: Expenditure credit operation, which generates It is stipulated in the following manner: expenditure on insurance premium: 1.43% of the granted loan. Banking Commission expenses: 0.5% of the assessed valuation of the property mortgage loan: according to the rate of the company providing the service. Registration rights: are exempted from the payment of registration fees, taxes, salaries, tariffs, fees or contributions. In terms of contributions to the Fund of compulsory saving for housing (faov), the legal instrument establishes that workers contribute one percent of their income, and the employer will contribute with two percent. In terms of the maximum of the mortgage loan that can obtain a family having as income Bs. 7000, the housing policy Act establishes as which stops an amount of Bs. 271.858,80 with current prices of housing by effect of inflation, seem to be insufficient for a family that doesn’t have savings earmarked for the acquisition of housing with the resources of the housing policy Act. Is currently in the National Assembly, a draft law in the field of housing policy which establishes in one of its paragraphs the increase of the contributions to the mandatory housing savings fund, as well as the increase in maximum of mortgage loan, which would give solution to families who don’t have enough savings to cope with the purchase of your main home. It is advisable to indicate that the housing deficit requires a clear and coherent law on housing policy that is engine of the economy.