One of the many problems facing the national program for social interest housing (VIS), besides the actual construction of the whole (lot, utilities, materials, organization, outsourcing, etc.) what is the financing of the balance remaining after applying the subsidy to housing values.
Taking a typical case, a VIS is priced at 35 million pesos, of which 10 are absorbed by the Government, and 25 million left by the buyer. But most needy families do not qualify for a loan for that amount, the bank does not see in the VIS to warrant an asset because there is no secondary market that claim, and I fear that few families have the economic strength, the income security and discipline to honor him. Unemployment insurance does not point to this need, as subjects are mostly families living in the informal sector.
Knowing these difficulties, the Government recognizes five percentage points in interest rate for seven years for the purchase of new housing up to 167 million, that as far as understood, also houses the VIS (the higher value of the home less reduction in the rate), and some banks to hold eight more, for a total of fifteen .
far so good. Is expected to stimulate demand for housing in middle and lower strata, and thus the construction, employment and the economy. It turns out that the sale of finished housing carries a huge financial risk that builders will not want to assume even greater in the case of towns that include churches, schools and clinics, among others, as the inventory always valued as capital does in motion less in the case of VIS.
The latest housing construction boom of high economic, sold in flats, and was not leveraged by banks (non-plan provides the buyer) if not for those purchasers who took the risk and provided capital. The timing of the start of work coincided with the signing of sale contracts that would ensure breakeven (zero profit, zero losses) and the arrears were covered with builder's capital or small bridge loans.
However this scheme is impossible to take in the construction of lower strata, and the financial risk of building on studies demand is very high. To reduce it, the property would be sold on planes, but in the case of the VIS, government outlays are not sufficient to reach equilibrium. To this we must add that the selection of applicants is done by reverse economic merits (most needed first.)
So for this program to be developed quickly and successfully, we must devise a system of leasing rate housing credit, which reduces legal costs of returns, the buyer granted on planes, and formulas for risk coverage involving probabilistic elements: for example, assurance of compliance with the obligation associated with living, unemployment and when applicable, paid by the government not to charge the monthly payment of credit obligations.
Yances By Miguel Peña. Columnist for El Universal of Cartagena.
myances@msn.com
Taking a typical case, a VIS is priced at 35 million pesos, of which 10 are absorbed by the Government, and 25 million left by the buyer. But most needy families do not qualify for a loan for that amount, the bank does not see in the VIS to warrant an asset because there is no secondary market that claim, and I fear that few families have the economic strength, the income security and discipline to honor him. Unemployment insurance does not point to this need, as subjects are mostly families living in the informal sector.
Knowing these difficulties, the Government recognizes five percentage points in interest rate for seven years for the purchase of new housing up to 167 million, that as far as understood, also houses the VIS (the higher value of the home less reduction in the rate), and some banks to hold eight more, for a total of fifteen .
far so good. Is expected to stimulate demand for housing in middle and lower strata, and thus the construction, employment and the economy. It turns out that the sale of finished housing carries a huge financial risk that builders will not want to assume even greater in the case of towns that include churches, schools and clinics, among others, as the inventory always valued as capital does in motion less in the case of VIS.
The latest housing construction boom of high economic, sold in flats, and was not leveraged by banks (non-plan provides the buyer) if not for those purchasers who took the risk and provided capital. The timing of the start of work coincided with the signing of sale contracts that would ensure breakeven (zero profit, zero losses) and the arrears were covered with builder's capital or small bridge loans.
However this scheme is impossible to take in the construction of lower strata, and the financial risk of building on studies demand is very high. To reduce it, the property would be sold on planes, but in the case of the VIS, government outlays are not sufficient to reach equilibrium. To this we must add that the selection of applicants is done by reverse economic merits (most needed first.)
So for this program to be developed quickly and successfully, we must devise a system of leasing rate housing credit, which reduces legal costs of returns, the buyer granted on planes, and formulas for risk coverage involving probabilistic elements: for example, assurance of compliance with the obligation associated with living, unemployment and when applicable, paid by the government not to charge the monthly payment of credit obligations.
Yances By Miguel Peña. Columnist for El Universal of Cartagena.
myances@msn.com
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