The idea is for the buyer to cover 5% of the foot with their savings and not 20%. The idea of the Chilean Chamber of Construction (CChC) came from the second government of Sebastián Piñera, where it did not prosper.
During the week, Finance Minister Mario Marcel announced in a talk at the Adolfo Ibáñez University that the ministry is studying the possibility of granting a state guarantee at the foot that must be delivered by people who want to buy a first home with a mortgage loan.
The initiative stems from a proposal of the Chilean Chamber of Construction (CChC) in words given by the president of the union, Antonio Errázuriz, to El Mercurio.
The proposal would facilitate access to housing since the buyer could cover with his savings 5% of the foot and not in order of 20% of its value as it is today.
Regarding the initiative, Housing Minister Carlos Montes commented that he was part of the conversations with the Treasury and maintained that the state guarantee will be delivered to reduce the contribution that families have to make.
Regarding the feasibility of the initiative, Paula Salas, associate real estate agent of Remax Chile, commented that at first glance it is a good proposal for the financial institution and the buyers, but pointed out that It would be necessary to study the economic implications that lead the State to assume this risk.
The director of the Center for Real Estate Studies Luz María Koch commented that the risk of breaching a contract could harm the fiscal coffers.
However, he pointed out that the collection that can be obtained should compensate for this situation, since this subsidy favors the growth of industry and markets.
In the administration of former President Sebastián Piñera, the then Minister of Economy, Lucas Palacios, promised to study the proposal of the construction union.
However, he assured that a legal restriction prevents guarantees in mortgage loans, which could be modified with a gloss in the Budget Law.