In Official Gazette No. 41.662, dated June 26, 2019, the Ministry of Habitat and Housing sets out the financing conditions that will govern the granting of credits for the acquisition, self-construction, expansion or improvement of main housing with resources from funds regulated by the decree with the rank, value and strength of the Housing and Habitat Benefits Regime Act.
The resolution states that the credits will be granted to active and solvent holders with the Compulsory Housing Savings Fund (Faov) or Voluntary Housing Savings Fund (Favv), regardless of their total monthly comprehensive household income, and may be granted up to the maximum amount.
Moreover, it notes that the total monthly household income shall be determined in accordance with the total sum of the comprehensive salaries of the applicant and co-applicant of the credit.
Consequently, appropriations may be paid by ordinary and extraordinary monthly instalments.
Ordinary quotas shall not exceed 35% of the total monthly household income, nor may it be less than 5% of this. The gazette states that the period of home acquisition appropriations may be granted for a maximum period of 35 years and for self-construction of the same is 25 years, in the case of extension of the main home the period shall not exceed 20 years and in the case of improvement 15 years, for all those Venezuelan families who need it.
¿HOW MUCH WILL THEY APPROVE?
The appropriations for the acquisition of main housing is up to 19,500,000,00 bolivars. As a credit for the self-construction of the main house is 16.500,000,00 bolivars. For main housing expansion credits is up to 14,500,000.00. In the area of main housing improvements is 12,000,000 bolivars. The Higher Housing and Habitat Body may establish different amounts in the Gmvv.