President Gustavo Petro’s call to mandatory investments are increased and the anti-banking proposal is still on the table, ie After Tuesday night, the president of Asobancaria, Jonathan Malagón, reiterated that “it is a financial prevention mechanism that limits credit for other activities.”
Moreover, called again to proceed with the Great Credit Agreement, considered to be “the best path to economic recovery”.
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Indeed, Analyzing the points addressed in the bank’s proposal, Analysts agree that it offers a more economical alternative to buying a house 10% is the lowest effective annual interest rate currently available to buy a Non-VIS house after the rate war.
This would therefore be three cheaper alternatives for people to have access to, as, On the one hand, it encourages lower rates in the sector, ie and on the other hand, it seeks to maintain the Mi Casa Ya subsidies and increase the Loan to Income, LTI, for No Vis housing.
Disaggregating each of these recommendations, Their effects can be analysed and which ones are already underway.
The first of them, and one of the most talked about recently has to do with the reduction in interest on housing credit. which started at the end of June with Bancolombia, and in which more competitors are gradually entering, until 10 players with rates between 11% annual cash, EA, and 10% EA will be reached
The Mi Casa Ya subsidies, which they want to keep, would benefit those who manage to use them to buy a house. According to figures from the Ministry of Finance, as of 9 August this year, Of the 50,000 places available for 2024, 33,065 have been assigned and 16,935 available.
By 2025, of the total 50,000 places, There are 3,711 pre-assigned and 46,289 available, and by 2026, Of the same number of places available, 152 places are pre-allocated and 49,848 are available.
Finally, in relation to the LTI, The proposal in the Great Credit Compact is an increase from 30% to 40% for Non-VIS housing, something that Asobancaria is promoting more strongly since the beginning of July.
According to the Association, It is essential to review the regulatory parameter that determines the percentage of income that families can allocate to purchase a home.that is, the LTI, which is currently set at 30%.
The idea, So, it is going to make it more flexible, adding to 40% in the non-VIS segment, match this parameter with the one for the VIS segment.