One of the great purposes of Colombians is to acquire a property, and for this they resort to different alternatives with their trusted financial entity, such as mortgage credit or housing leasing.
The effective annual rates for housing loans range between 7.50% and 18.15% for June; while at the beginning of the year, these interests were between 7.29% and 11.88%, with which they have increased to 6.2 percentage points in 2022.
Currently, the National Savings Fund, Banco Agrario and Banco de Bogotá have the best rates for this product, with interest of 7.5%, 8.40% and 11.35%, respectively. While Bbva, AV Villas and Bancoomeva have the highest levels (see graph).
But, Are you already seeing the increase in the monetary policy rate of the Banco de la República in this credit line?
“We are experiencing the highest historical prices of housing. With this change from a widely expansive monetary policy to a contractionary policy, in a matter of about six months we will begin to see discount prices in said market,” said Diego Palencia, Vice President of Research at Solidus Capital Investment Banking, who added that in loans For new loans, an increase in rates is already observed, as a result of the Issuer’s adjustments, while only at the beginning of next year will the effects on old loans become evident.
For this, analysts consulted by LR recommend users to take advantage of the bank’s portfolio purchase offers, as it is a “permanent strategy that financial institutions have to scratch customers from the competition, growing their volume through attractive interest rates , that is, the lowest,” said Wilson Triana, an expert in banking and insurance.
If you are interested in a housing leasing application, the FNA (7%), Scotiabank Colpatria (7%), Bancoomeva (11.25%) and Bancolombia (11.45%) have the lowest rates for this product.
However, it is important to understand the difference between these two products, and their benefits, before deciding on one.
With the mortgage credit, the user accesses a loan with which he acquires ownership of the property, and on this a mortgage is constituted that supports the debt.
While, with housing leasing, it is the financial entity that acquires the home chosen by the client through a monthly payment, which is made up of capital and interest as a lease for a certain period agreed with the entity. With this tool, the person has the option of buying the same property at the end of the contract, or earlier if he prefers, for a percentage of the initial value.
Portfolio with $102 billion in principal balance
In the first quarter of 2022, the entities that finance housing presented a total capital balance of the mortgage portfolio equivalent to $102.9 billion, according to the National Administrative Department of Statistics (Dane). This figure represented a decrease of 1.2% compared to the fourth quarter of 2021 and an increase of 8.3% compared to the same period of the previous year. For its part, the balance of the mortgage portfolio for the first quarter was made up of 78.6% of the housing loan portfolio and 21.4% of the housing leasing balance.