A mortgage is a loan granted by a bank with characteristics different from that of a personal loan. A home mortgage is guaranteed by the home itself.
Requirements to Mortgage a House in Peru
For a mortgage to be valid, it must be registered in the SUNARPwhich is the subscription in a public document where a public deed is made before a notary.
The requirements for the constitution of a mortgage for a home are the following:
- The applicant must be between 18 and 64 years of age.
- You must have a fixed income that can be verified.
- Have a job seniority in the company for which you work for more than one year of service.
- Have a positive or no negative haircut in the credit field.
- The applicant must have in his possession the property title of the property he wishes to mortgage.
- Real estate tax payment receipts.
- Proof of payment of municipal taxes in which the cadastral data of the property is described.
- Submit the CUIL or CUIT.
- The relationship between the amount of the account that the applicant must pay and the monthly income it generates should not be greater than 25% or 30%.
Steps to Mortgage a House
- You must correctly fill out a free distribution form where the title registration request is made.
- Have a simple black and white copy of the ID of the applicant with proof of participation in the last two votes or submit the application for the respective waiver.
- The applicant must have a notarized public deed in which the constitution of a mortgage is described, or failing that, they will have to present the registered form duly certified by a notary in which the constitution of the mortgage is described.
- Finally, you must submit the payment receipt for the fees corresponding to registration rights.
Types of Mortgages
According to the Peruvian real estate society, there are in this Republic two types of mortgages:
The first is a conventional mortgage established at the discretion of the parties and the legal mortgage established by legal mandate.
According to article number 1118 of the Peruvian civil code Legal mortgages are those that meet the following characteristics:
- Alienated property whose price has not been paid in full or has been paid with the money of a third person.
This refers to the fact that at the time the ownership of the property is transferred, whether by purchase, sale, donation or any other reason, the cancellation of the payment of the property is not recorded in any way in the public deed document in which said transfer is recorded.
- A home for which a contractor has provided a series of materials that would allow its manufacture or repair and in which the contractor has facilitated the work and for which the principal has been obliged to pay for the services provided.
For this, they must have made a prior contract in which it was specified that the contractor would supply materials and contribute their work for the execution of the work.
- Properties that are acquired with the obligation to make amortizations in monetary capital to other partners or co-owners.
Mortgage Interest Rates
According to what was communicated by Asbanc (Peruvian bank association) the interest rate for mortgage loans has a tendency to drop in the last eight years. Hence interest on mortgage loans fell between 10% and 7%.
The information provided by him to the Superintendency of Banking and AFP is that the average interest is $7.61 below 9.82%.
The list of banks that provide the beneficiary or applicant a low interest rate on the market are:
- Banco GNB Perú, the annual interest rate is 12.24%.
- BBVA Continental, with a rate of 12.56%.
Where to Mortgage a House
A house Mortgage to preferred bank of the owner of the property and that also offers the best interest rate for long-term payment. For this, the property must be registered in SUNARP with the documents duly certified and verified by a notary.
Even if the owner cancels the mortgage to the bank, if he does not formally do so before SUNARP requesting the release of the debt, the property will continue to appear as mortgaged in the National Superintendence of Public Records.
In addition to the problem that may arise when making a sale of the property in question.
Can I Sell My Foreclosed Home?
Once a person acquires a mortgage must offer the bank a guarantee in case of non-payment. Many people prefer to offer their property to a relative or close friend as a guarantee for the payment of the mortgage before the bank that granted the loan.
However, if the applicant so decides, they could sell the mortgaged property, taking into account that the mortgage is lost when the property is sold.
To make the sale you must take into account the following aspects:
- When making an offer to sell a mortgaged asset, the buyer must verify by means of a certificate that the seller has only constituted a mortgage on the property that he wishes to sell.
- In the minutes it must be detailed that the buyer is aware of the mortgage that the property he is buying has, where it is also detailed that the sale price of the property the buyer must do it in two cashier’s checks:
One in favor of the bank for the amount of the debt acquired in the mortgage requested by the seller and another check for the remaining balance in favor of the seller.
- The buyer must follow up on the process with the bank and make sure that the entity receives the check that has been issued for the cancellation of the debt and from which the mortgage will be lifted.
Then a deed of public knowledge must be raised for registration while the home is sold again.
When acquiring a mortgage loan, the value of the property must be taken into account in comparison to the debt that is being assumed. First of all, the owner must know that the cost of the property is different from the mortgage loan that the bank can grant him, since the owner of the house You must have an initial of 15% or 20% of its value.
From that, to the remaining 80% or 85% of the value of the sale of the property, the bank adds a series of commissions, insurance and interest, which is divided into installments that the owner will have to pay to cover the debt.
It is because of the above that in the end, the owner ends up paying more to the bank than the real value of the property.
Mortgaging the home does not limit that the owner of the property can function in it, it does not limit that he can sell it if he decides to.
- Mortgaging a property to obtain an economic benefit does not guarantee that the bank from which the loan was requested will keep the property, this is only possible if the owner does not comply with the established payments.
We recommend this reading: «Steps and Requirements for Change of Address in DNI»
If you want to carry out your mortgage, the Procedures and Requirements to Mortgage a House in Peru They will provide you with the help you need.
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