What You Need to Know About the Mortgage Credit in Peru

A mortgage loan in Peru is a way in which natural persons achieve their own home’s dream. Thanks to this financial service you can not only buy a property, but also build it, repair it, remodel it, expand it, improve it, etc. On this occasion, we will explain in greater detail what these types of credits are about, the requirements they demand and the interest rate offered by the banks for them.


What is a mortgage loan and how does it work?

mortgage loan

It is the financial service through which a bank, cashier or other financial entity provides the person concerned with a certain amount of money. As it is a credit and not a loan, it is up to each person to use the total amount, or only a part of which is made available. Similarly, as long as the amount set is not used up, you can continue to have the money left in the account.

Because the amount of money that banks give to credit, for a property (apartment, house, land), is not small, a guarantee must be left in between. This is generally the same property that is being acquired.

There are different types of mortgage loans. The one described above is the traditional one, which is acquired by a natural person; but there are also mortgage loans where several people share the debt and mortgage loans exclusively for construction.

A mortgage loan in Peru can be canceled in the medium or long term. According to the SBS, they can even be paid in advance partially or totally, without having to pay commissions, expenses, penalties or similar.


What are the requirements for a mortgage loan?

mortgage loan requirements

The dream of the house itself is not accessible to anyone, it is necessary that it meets a series of requirements that guarantee the bank the return of the money borrowed. These are:

  • Be of age and under 64 years.
  • Provide documentation that supports income.
  • Have a good credit history at SBS and at risk centers.
  • The documentation that allows the treatment of the guarantee.

In some cases, when the property is acquired by a spouse, the credit history of the spouse is also usually assessed. That must not be registered as CPP in risk centers.

Regarding the documentation that supports income, this will serve, to a large extent to determine the maximum amount that can be provided. It is known that if the applicant has a net (or shared) income of up to 800 dollars, mortgage loans can be acquired from 15 thousand dollars to 350 thousand.


Which banks have the lowest interest rate in Peru?

Which banks have the lowest interest rate in Peru?

Once it has been decided to take out a mortgage loan in Peru, it is necessary to evaluate which bank offers the best interest rate and the greatest benefits. The task is not so simple since there is a lot of competition in the sector.

Despite this, it can be said that in the last year the interest rate on mortgage loans is at a historical low, according to the BCR. This should be due to the lower interest rate of the US and the competition that exists between financial institutions, so it is a good time to request it.