Mortgage Loans for 70% of the value of the House or Building

COOPERATIVA ODAP launches its own line of MORTGAGE LOANS FOR 70% OF THE VALUE OF THE HOUSE OR BUILDING. The main difference from existing ones is that the INSTALLMENTS do not have BANK INTEREST, are all in PESOS, and will be adjusted based on the PERCENTAGE, and at the SAME TIME, as the increase in the MONTHLY SALARY (HM) of military personnel. The INSTALLMENT AMOUNT will be 25% of the salary of the FAMILY GROUP and allows for a 15-YEAR REPAYMENT TERM.

According to COOPERATIVA ODAP, the initiative aims to make loans more accessible to the MIDDLE CLASS and YOUNG COUPLES, so they can access their first home.

Additionally, as a PLUS, it is COOPERATIVA ODAP that will commit to building the HOUSES OR BUILDINGS, resolving not only access to CREDIT but also CONSTRUCTION, PROJECT, and PROJECT MANAGEMENT.

From 100% OF THE VALUE OF THE HOUSE OR BUILDING, according to our HOUSING OPERATION "REALITY," our COOPERATIVA ODAP grants MORTGAGE LOANS FOR 70% OF THE VALUE OF THE HOUSE OR BUILDING, which begin to be paid once the HOUSE OR BUILDING is delivered, with installments all in PESOS, with NO BANK INTEREST; these will be adjusted based on the PERCENTAGE, and at the SAME TIME as the increase in the MONTHLY SALARY (HM) of military personnel. The MONTHLY SALARY is understood to be the sum of the SALARY PLUS TWO PARTICULAR SUPPLEMENTS: MINIMUM TIME SERVED and SENIORITY of military personnel. The value of the installment is 25% of the salary of the FAMILY GROUP and allows for a FINANCING OF 180 INSTALLMENTS (15 YEARS) for repayment.

The remaining 30% OF THE HOUSE OR BUILDING must be covered (paid) by the future beneficiary, but COOPERATIVA ODAP will also fully finance this during the 18-MONTH CONSTRUCTION PERIOD. This 30% will be paid as construction progresses.

“THE MORTGAGE LOAN LINE FOR 70% OF THE VALUE OF THE HOUSE OR BUILDING IS FOCUSED ON THE CONSTRUCTION OF HOUSES OR BUILDINGS ON OWN LAND.”

How It Works?

The future beneficiary of the HOUSE OR BUILDING will contribute the LAND and 30% OF ITS VALUE, the latter being fully financed during the 18-MONTH CONSTRUCTION PERIOD. Once the construction is completed, the agreement has been fulfilled, and the mortgages have been transferred, COOPERATIVA ODAP will recover the invested capital.

Regarding the SALARY required to access the 1st MORTGAGE LOAN FOR 70% OF THE VALUE OF THE HOUSE OR BUILDING, the COOPERATIVE provided an example, stating the need for the FAMILY GROUP to have an income of USD 428 to access a loan of USD 19,260 and pay 180 installments of USD 107.

The incomes of parents, children, and/or siblings listed as co-debtors of the primary holder, or holders in the case of a marriage or cohabiting couple, will be added to determine the family group’s income. Meanwhile, the installment-to-income ratio must not exceed 25% of the declared family income.

HE INSTALLMENT CANNOT EXCEED 25% OF WHAT THE FAMILY GROUP EARNS; for example, to pay an installment of USD 107, and to be granted a 1st mortgage loan of USD 19,260, the family group of the FUTURE BENEFICIARY must earn USD 428.