Financing for finishes in VIS housing: options to complete your home after the gray work
Each year, thousands of families in Colombia receive their social interest housing (VIS), but for many the dream is not completed at the time of delivery.
TL;DR
- About 60,000 families in Colombia access VIS housing annually.
- Around 90% of VIS housing is delivered without complete finishes, in 'gray work' condition.
- This necessitates additional investment from homeowners for essential elements like floors, bathrooms, and doors.
- New financial solutions, such as 'finishing credits,' are emerging to cover these costs.
- These credits allow financing for essential upgrades without requiring a new mortgage.
- Disbursements are made directly to the companies performing the work.
- Financing amounts start from 10 million pesos with repayment terms of one to five years.
- The scheme is supported by the National Guarantee Fund and an execution assurance policy.