If you want to buy a house for yourself or your family, you can count on the support of BancoEstado. For this we teach you the Requirements for Mortgage Credit from Banco del Estado.
Correctly meets all requirements. It will help you get your ideal home, be it new or used.
Requirements for Mortgage Credit from Banco del Estado
When applying for a mortgage loan, financial institutions have certain key requirements to qualify for the loan.
In general terms, the papers that the bank or financial institution will ask you as minimum requirements are:
In order for you to take into account the requirements for Banco del Estado’s Mortgage Credit, in general lines they are:
- Full name.
- Identity card, better known as RUT.
- Date of birth.
- Nationality, no matter where you are from. If you are a foreigner, you should review the special clauses, although proving your permanent residence in Chile would not be a problem.
- Your phone number.
- Your e-mail.
- Civil Status, when you are married.
- Name of spouse and rut, only if you are married.
- Occupation, submit your work data.
- Monthly liquid income, this is important. The credits are based on your financial solvency.
- Co-debtor data, that is, the same as those of the debtor, are repeated.
- Statement of situation, present your assets (what you have), liabilities (your debts) and monthly payment obligations (what you pay in the month).
In addition, the property data will be requested:
- Type of property, that is, if you will buy an office, house or apartment.
- Sale value, that is, what is the value in UF of the property.
- Financing percentage, that is, how much you want it to cover. Don’t waste time asking for 100%, they no longer give it.
- Term in years of payment of the credit.
Keep in mind that the bank may request extra documents, referring to the property or of another nature.
However, by complying with that basic documentation for the application for your mortgage loan, you will have already taken a big step.
State Bank Mortgage Credit Documents
On the other hand, it is common to request some other required documents in listings below. Depending on each country and financial entity:
- Application mortgage credit.
- State of affairs.
- Declaration of health.
- Certificate of income and seniority.
- Authorization to obtain debt granted by the Superintendency of Banks.
- Sale offer letter.
As a background, the following documents are requested in the vast majority of banks:
- Photocopy of the National Identity Card or Document.
- Photocopy of the last three salary settlements (payroll).
Procedures for Mortgage Credit from Banco del Estado
The first of the three great stages is the Commercial process. In which you look for information about the mortgage you want to apply for. And after choosing the same, a request for a credit evaluation is presented to the entity.
Thus, we can distinguish the following steps to perform:
- Get informed: it is vitally important that before requesting a mortgage credit look for information about the different types of loans and the requirements, characteristics and payments of each one of them.
After having preselected the mortgage loans that best suit your needs, compare between them. For this, BancoEstado has a simulator, so you can know your ideal credit.
- Enter your credit application for evaluation: once you have selected the mortgage you want to get. Go to the branch of the bank and request the evolution of your credit.
- Credit evaluation: After obtaining the documents indicated above, these will be analyzed by the corresponding area of the entity.
- Evaluation result: After the analysis, the resolution of the evaluation will be reported, which may be approved or rejected. In the case of being approved, your mortgage executive will inform you of the approved conditions and what is necessary to continue with the operation.
The second stage is the formalization process. That includes all the steps related to the preparation and signing of the property deed of the mortgage credit.
The steps to take at this stage are the following:
- Business closure: once you have accepted the credit conditions, you must inform the executive and proceed to: The delivery of legal documentation for the study of the property title and the payment of operational expenses.
- Title Study and Appraisal: After the delivery of documents and payment, the study of the title of the property, the appraisal of the same and the evaluation for the credit life insurance begins.
- Preparation of the Order of Deed and Deed: Once the property titles are approved, the credit deed is drawn up under the agreed conditions.
- Dispatch of the Deed to the Notary: The bank will send the deed to the notary and will give you notice to assist in signing it.
- Signature of the Deed: All those who must appear in the deed must attend the notary’s office to sign the deed (the holder or holders, the notifying attorney and the selling party, if applicable). The deed must also be signed by the bank that grants the mortgage credit.
- Lift: If the property is mortgaged in another institution, you must request the raising of it by sending a letter of receipt to that institution. In addition, the current creditor institution must sign authorizing the mortgage increase.
Remember that the expenses corresponding to the Notary’s fees and the mutual tax (stamps and stamps), you must pay at the notary at the time of signing.
The last stage is that of Registration process, which includes the registration of the credit in the Real Estate Registrar and the final review and closing of the operation.
The steps to follow at this stage are the following:
- Registration in CBR: At this stage, the previously signed deed must be entered in the Real Estate Custodian (CBR) for the registration of: Domain, Mortgage, Prohibitions or Increases.
- Final review and end of the operation: the bank will review your deed to ensure correct registration and will prepare a final report. After that, you will proceed to the payment and you will be given the following documents: Copy of the deed, Appraisal, Copy of the certificate of registration in CBR and the final settlement of expenses.
Mortgage Credit Application
With new technologies, there are currently many questions that you can request or manage online, but this will depend on the specific procedure of each mortgage. Some things are just kept and you will likely be asked to put your request in writing.
Mortgage Credit Evaluation
As we have already said before, the evaluation of your mortgage credit will depend on several factors.
Where they will take into account your financial solvency, work and the investment that will be made.
Credit Pre Approval
It should be noted that in this first instance the support of the data is not requested, this is only for previous calculations, however, it also serves as a financial background check, so if you are in Dicom, unfortunately, you will not be able to acquire the financing.
To calculate the pre-approval, the bank takes into consideration the following information:
- Minimum required savings, the minimum amount you must have to access credit.
- Benefit Amount, which refers to how much we have been pre-approved.
- Any fee that you want to pay in cash when you receive the house.
Types of Mortgage Credit from Banco del Estado
BancoEstado de Chile offers a wide variety of mortgage credits, for which you can visit the website of State Bank.
- Financing Ecovivienda – With and Without Subsidy: You can finance with a preferential rate the acquisition of new homes in real estate projects that have an Energy Efficiency Rating with letter D or higher (ABC). Validated by the Ministry of Housing and Urbanism.
- Mutual Mortgage Own Resources: You can get financing for a new or used home. For up to 90% of the lower value between the Appraisal and the property’s sale price, with a minimum credit amount of UF 350.
- Universal Mortgage Mutual: It consists of a standardized product whose conditions are determined by the law and its regulations. Which aims to allow the credit applicant to be able to compare more easily between the different providers of the same credit product.
- Housing Financing – Subsidy: You can get financing for a new or used home. For up to 90% of the lower value between the Appraisal and the sale price of the property. With a minimum credit amount of UF 350.
- Refinancing Housing – Mutual Mortgage Own Resources: You can refinance your Mortgage Credit, with a minimum amount to request of UF 350. It allows financing up to 90% of the appraisal value and has a fixed rate during the entire period of the Credit.
General purpose financing
- Mutual Mortgage or Letters of Credit: You can buy an office, business premises, professional studio, warehouse, parking lot, plot, farm, site or request funds for free availability.
- Debt Consolidation Free Disposition: You can refinance 90% of your commercial debts with the option of requesting up to 45% more Free Disposal. Both cannot exceed 90% of the appraised value, with a minimum Credit amount of UF 350 and a minimum amount in the property value of UF 600.
How do you evaluate the approval of a Mortgage Loan?
- Payment capacity: It is not about earning a high salary, because the bank will lend you the amount you can pay. It is about how to show that I have the ability to pay.
- Job stability: The idea here is to demonstrate responsibility, commitment and reliability. That is, you are a person capable of keeping a job and change jobs only when you have compelling reasons to do so.
- Your heritage: Banks ask you to prove equity to recover all or part of the borrowed amount if you cannot pay. This is known as a seizure of assets.
- Prove family income: If your personal income is too low, you can supplement it with the income of your immediate family group: spouse, parents, siblings and children.
- Joint co-debtor or guarantee: Let’s start by saying that they are not the same. But they take on an important responsibility because they promise to pay for you if you can’t. Therefore, they must also meet all the requirements detailed above.
- Not be in Dicom: Dicom is a company that sells information on debtors to banks, companies and business houses. Therefore, if you appear as delinquent, they will not give you credit.
To the extent that you prove to be a responsible and trustworthy person, you will considerably improve your chances of obtaining a bank loan.
Mortgage Credit Payment Cups
Among the Mortgage Credit Requirements of the Banco del Estado are the interest rates. Which are the amount that the bank charges you for lending you the money.
Interest rates have a pre-established limit by Chilean Law and regulated by the Superintendency of Securities and Insurance, SBIF. This cap is known as the conventional maximum rate and is set as a monthly percentage for all banks and financial institutions.
It should be noted that this maximum rate must be met by all banks, regardless of the type of credit that the user requests and regardless of whether it is a financing with a fixed, variable or mixed interest rate.
Payment terms for Mortgage Credit
It is very important that you remember that among the State Bank’s Mortgage Credit Requirements, you remember the payment terms. We remind you that BancoEstado ensures the validity of the interest rate and the commercial approval of our mortgage loans for the following terms:
- The rate per 60 continuous days, from the approval of the loan to the signing of the deed.
- The Commercial Approval valid for 90 days for unsubsidized credits. AND 120 continuous days for credits with housing subsidy, counted from the approval of the loan to the signing of the deed.
The payment terms will depend on what you have contracted with the bank.
Branches of the Banco del Estado in Chile
Which are the BancoEstado branches? What is the closest to my address?
Information about the branches and opening hours of Bancoestado and Serviestado can be obtained from your Web. Remember that you have any questions or suggestions, you can leave it in the comments.
The State Bank Mortgage Credit Requirements, although they seem many and complex. They are one of the best options that exists for you to get your house.
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