National Savings Fund launches a lifeline to Colombians and makes a decision to make access to housing easier
The Fondo Nacional del Ahorro (FNA) has announced an ambitious package of measures aimed at breaking down the historical barriers that prevent middle and low-income families from becoming homeowners.
TL;DR
- The FNA is offering 100% financing for Social Interest Housing (VIS) and Priority Interest Housing (VIP).
- This eliminates the historical requirement of a 20% or 30% down payment.
- Interest rates are frozen to provide stability and predictability for borrowers.
- Current interest rates start at 9%, significantly lower than commercial banks.
- Monthly payments could be as low as $320,000 pesos, potentially less than rent.
- The program is inclusive for formal and informal workers, utilizing severance pay transfers or voluntary contractual savings.