The housing policy is a system that allows you to low dependency ratio, self-employed workers and business owners get financing pursuant to the law on housing policy. There is a system of housing policy aimed at low-income families in Venezuela and that through a contribution by workers to housing savings, can access the financing your main home on advantageous terms, framed in a clear housing policy. So that families can access the loan of housing policy, it is necessary as a prerequisite to maintain the quote to the law on housing policy for a minimum of twelve residential savings contributions, which may be consecutive or not, and that at the time of the request for credit for housing policy, the applicant is active to make it comply with the housing policy law. However, the system of housing policy is conditioned to family incomes than do not exceed seven thousand bolivares to gain access to credit. Saving housing to contributing as a contribution to the housing policy Act is of three percent over the full income and must be deposited into the financial institution in the first five working days of the following month in which income is swift in order to comply with the requirement in the law of housing policy. An advantage that sets policy housing for low-income families, is the direct housing subsidy for those who earn less than two thousand six hundred bolivares a month and can be up to a maximum of forty-six thousand bolivars, which comes to supplement the purchase of the property and housing substantial savings in such price. Regarding the quotas established in the housing policy, applicants not may allocate more than thirty per cent of their income to pay the fee to amortize the mortgage loan pursuant to the law on housing policy. On the other hand, the deadline to cancel the policy loan housing will be thirty years with interest not exceeding nine percent for higher incomes, according to each worker housing saving.
In terms of the maximum value of the credit for housing policy, the housing policy Act establishes that it may finance up to 100% of the market price of the immovable object of purchase. The rules on housing policy sets for people who want to benefit from the housing policy, a system of voluntary housing savings Act, being the case of those independent, self-employed workers, who work on their own, to be contributor of the housing policy Act and enjoy the social conditions of the housing savings. For people who earn more than seven thousand bolivares per month, the housing policy is covered under the law of the mortgage debtor, where banks may not apply higher to fifteen percent annual interest to protect the workers in the class average that have monthly income of up to twenty-three thousand bolivares, obligatory quotation to the housing policy law.