The MVOT and BHU plan for the first home: they finance up to 95% and open registration this Monday

He Ministry of Housing and Territorial Planning (MVOT) will present today a new program that seeks to facilitate access to one’s own home through mortgage loans with special financing conditions and the possibility of receiving state subsidies for the payment of installments. The initiative, called Opening Doors – First Homewill be implemented through an agreement with the Mortgage Bank of Uruguay (BHU) and plans to grant up to 500 loans in its first call.

The proposal is aimed at households that, although they have the capacity to access a mortgage creditthey need better conditions to complete the purchase of a property. In this sense, one of the main differentials of the program is that it will allow financing up to 95% of the value of the dwellingwhile the MVOT may grant a subsidy for the payment of the monthly fee, according to the economic situation of each household.

The loans will be granted by the BHU in Indexed Units (UI)with a financing term of up to 25 years. Maximum amounts will vary depending on the location of the property: in Montevideo, Maldonado y Coast Citythe credit may reach approximately US$ 117,000, equivalent to 712,500 UI. Meanwhile, for the rest of the national territory, the limit will be around US$97,000 (589,000 UI).

Another characteristic of the program is that beneficiaries will be able to choose a dwelling used or existing within the offer available in the real estate marketas long as it is located in the department in which they have registered and on urban or suburban land.

The selected property must comply with the financing conditions corresponding to each home and will be subject to the evaluation, approval and appraisal of the BHU.

Regarding the requirements, both people who live alone and households made up of several members may apply. However, the holders of the loan may be a maximum of two people, who must meet certain conditions related to age, income, length of service, saving prior and credit evaluation.

The 500 loans planned for this first stage will be distributed among the 19 departments of the country based on the number of applicant households that meet the established requirements.

Estefania Leal/El Pais Archive

The registration period will begin next Monday, October 19 and will last until November 30. The procedure will be carried out exclusively online, through the website of the MVOTwhere you can also consult the necessary documentation and the specific conditions of the call.

On the other hand, interested parties can obtain information through the toll-free number 0800 46427. In Montevideoface-to-face consultations can be carried out at the office of the National Housing Directoratelocated at 25 de Mayo 402, while the local offices of the ministry will be available inside.