New Resolution on Loans for self, extension or improvement of the main dwelling

On August 3, 2011 was published in the Official Gazette 39,727, Resolution No. 121 of the Ministry of Popular Power for Housing, which sets out new arrangements for the provision of credit for self, extension or improvement of the main dwelling .

Below we summarize the most important aspects of instruction.

GENERAL RULES:

The credit will be awarded to members of the family with monthly income up to five (5) minimum wages., Ie, Bs 7035.

If applicants have completed the withdrawal of its assets, must wait a period of twelve (12) months to apply for this credit.

Timetable of works: You can not exceed the following limits.

Self: 180 days

Magnification: 90 days

Improvements: 60 days

It may request an extension to the BANAVIH.

These credits will be granted only in cases in which the property is located on land owned by the applicant or community, or in default, the owner authorizes the establishment of a first mortgage as long as they relate to the fourth degree of consanguinity and second degree.

The property must be in urban or rural areas that are not in areas of risk and comply with permit requirements issued by the competent authority.

Financial traders can not deny the credit application for extension or renovation of main house, if the property subject of the application has a roof that does not meet the technical standards of material other than concrete.

They can not take the credit, who in the past five (5) years have been beneficiaries of a mortgage for the purchase of primary residence, financed with funds governed by the laws on housing and habitat, including the institutions' own resources financial.

Credits can compete simultaneously for the expansion and improvements, for reasons only fully justified and authorized by the BANAVIH.

May attend for self credit and a credit for the expansion or improvements, provided that the expiry of five (5) years of the loan document notarization to the self.

The beneficiaries of these appropriations may not withdraw their assets, unless they are used for full payment or repayment of the credit that was given with or FAVV FAOV resources.

The processing of these credits will generate a commission of 0.5% on the amount of credit, for administrative expenses, which will be canceled by the beneficiary.

Initial and renewal premium payable to FONG, will be distributed in the monthly fee over the life of the loan.

Credit fees will begin to be paid one month after formally record the mortgage.

Standards used in the self-construction:

It is aimed at families that do not have primary residence and are owners of land located in urban or rural areas, equipped with utilities.

The deadline to repay the loan is 20 years. Be given according to ability to pay for 100% of budget work presented, which may not exceed 75% of the maximum amount established that funding is granted for house purchase with funds from the principal or FAVV FAOV, establishing mortgage on the ground and in the bienechurías are built.

The loan will be disbursed to the beneficiary as follows:

First payment: 60% of the total amount approved to date of the deposit of credit.

Second Disbursement: 40% of the amount approved, provided that an advance this housing more than 50% of the execution of the work.

May be granted an extension of 60 days to complete the work by BANAVIH authorization.

May not be sold the house before 5 years elapse since the formalization of credit.

After canceling the credit may be chosen for a new financing for the expansion or improvements, as long as 5 years have elapsed since he was given credit for the self.

Standards Applied to Enlarge:

Will be for a period of fifteen (15) years, according to the applicant's repayment ability.

The maximum amount granted may not exceed 50% of the maximum amount established for the credit for the acquisition.

This credit will be paid to the beneficiary once evaluated the implementation schedule which may not exceed 90 days, as follows:

A first payment on the date of notarization of credit of 60%.

A second payment of 40% provided the achievement of the present work 50% of physical implementation.

After canceling this credit will qualify for new financing for expansion or improvements, after 3 years since protocolized the first loan.

They may not dispose of the property to the credit extension, until 3 years have elapsed.

Rules for Improvement:

The credit will be given to improvements for a period of 10 years according to ability to pay.

The maximum amount may not exceed 30% of credit established for the acquisition.

Be paid to the beneficiary in a single disbursement on the date of notarization of the loan.

Cancelled this credit may be chosen for a new improvement or extension after 2 years.

They can not sell the house until 3 years have elapsed.

Requirements:

General:

Being Venezuelan or resident adult family legal.Ingreso monthly wages of less than five active contributor mínimos.Ser solvent FAVV.Ser FAOV or homeowner or land. Present authorization if a relative cercano.Certificado Principal Housing Registration for improvements and if there ampliación.En guarantor must meet the conditions and precautions: Being Venezuelan elderly or legal resident, present a total income sufficient monthly certification of income and personal balance sheet signed by chartered accountant.

Personal:

Existing and legible photocopy of the certificate of identidad.Si are several applicants, present residence nacimiento.Constancia departure granted by the Council Comunal.Estado Account or Certificate of Affiliation or FAVV FAOV.

Property:

Copy of document propiedad.Certificación lien of the last 10 años.Presupuesto ejecutar.Cronograma force to the enforcement of building permits obras.Planos and properly shaped by the competent authority (and self-expansion.) Certificate of the plot or housing is not in the danger zone.

Labor:

Workers as a dependent:

Evidence of original work force of no more than 30 recent días.Dos sueldo.Estados Receipts for bank accounts in the last two FAOV meses.Constancia Enrollment and status has twelve lows.

Independent Workers:

Affidavit of registration revenue in soportes.Constancia FAVV and lows have twelve.