The National Savings Fund has announced that it is working on a housing credit scheme with up to 100 percent financing.a preview shown during the Bogota Cundinamarca Fest, an event that will be held from November 13th to 16th at Simón Bolívar Park.
The organization stressed that the initiative will expand access for households who do not have enough funds to take on the first payment and are looking for sustainable alternatives to buying a home.
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During the fair, FNA set up service points to resolve questions regarding credit products and explain membership conditions to both employees and independent workers.
Festival attendees will be able to learn about the benefits of the fund, which currently offers 90% financing at competitive interest rates compared to the financial market. The entity explained that a future 100 percent option is in preparation and will be announced once the necessary adjustments to the valuation model and support mechanisms have been made.
This last resort is an influential factor in a situation where thousands of families face barriers to accessing housing due to the cost of a down payment and the difficulty of maintaining long-term savings.
The Fund emphasized that interested parties can only link with ID through unemployment benefit remittances or contractual voluntary savings.a tool designed for people who are self-employed or don’t have access to retirement savings.
This alternative facilitates credit evaluation and allows building a savings history that creates a real possibility of accessing housing, while adjusting the amount of savings according to each user’s financial capabilities.
FNA noted that one of the benefits most appreciated by its members is the availability of installment payments starting from P320,000 per month, which is still below the prevailing rental prices in different regions of the country.
The group says this will make the transition between paying rent and taking on mortgage debt easier for households looking for stability.
During the event, the fund’s advisor will provide guidance on the requirements for accessing these securities, the available terms and financing methods, and the benefits compared to private entities.
Laura Roa Zeidan, President of the National Savings Fund, also attended the opening ceremony of the Bogota Cundinamarca Fest. In his speech, he said: “The National Savings Fund is an organization for all Colombians. We are here to make their dreams of owning their own home come true. We want more families to go from paying rent to being able to proudly say, ‘This is my home.'” He added that participating in events of this type is part of the institutional strategy to reach the population and strengthen financial inclusion in areas where access to credit products is limited.
The announcement regarding 100% financing became one of the most impressive points of the Fund’s participation.as it opens up possibilities for those who have not yet been able to raise the initial capital required by banks. The group said the measure would cover segments of the population that are typically excluded from traditional credit options due to variable incomes, high household expenses or lack of financial history.
In addition to introducing credit products, the Foundation emphasized the importance of financial education in the home buying process. Festival attendees will receive guidance on how to budget, the types of homes they can buy based on their ability to pay, and their responsibilities once their loan is approved.
The organization pointed out that these spaces aim to reduce common mistakes during the buying process and strengthen the confidence of people taking their first steps towards buying a home.
For the National Savings Fund, participation in the Bogota Cundinamarca Fest represents a strategic scenario that allows to promote savings, explain access routes to credit and bring institutional tools closer to local communities.especially those who have not yet understood the benefits of transferring unemployment benefits or starting a voluntary savings scheme.
The organization reiterated that its efforts to promote credit solutions that ease access to homeownership during difficult economic times for Colombian households will continue.
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