One of the great requirements to buy a house is to have a stable income. Having it guarantees the confidence of the banking entities to grant you a loan.
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And if so, what are the minimum values that they ask you for this to happen? At Properati we tell you what they are. It does not matter if you decide to buy a house in the Valle de los Chillos or an apartment in Guayaquil .
A very important aspect that you must take into account is the initial fee that banks usually require. In our country, private banking entities usually ask for an average entry of between 20 and 40% of the total value that you will have to pay.
However, public entities tend to require a much lower percentage for entry, which is around 5%. It is in your hands to choose the best option to make your payments.
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What to do if I don't have a lot of money?
There are times that, for some reason, the client does not have enough money to cancel the value of the ticket. What could you do in that case?
One solution is to buy the house on plans or at a very early stage of construction. In doing so, the quotas that would be equivalent to the entry will be distributed over a long period of time. And once you pay them, you can apply for your home loan.
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Another solution would be to opt for entities that grant the maximum and minimum values of the financing percentage. Choosing between these two options is at your discretion.
In any case, and if you are thinking of doing it, we do not recommend requesting two credits at the same time: one for free consumption for the entry and another, mortgage, for monthly payments. The entities that grant loans do not usually give the go-ahead to those who are already paying one.
Is there a minimum income to apply for a mortgage loan?
Although banks do not usually expressly request a fixed income to make a loan, it will always be necessary to ask what securities they usually handle. In private entities this amount is around $ 800, but in public entities the amount could vary.
Regarding the BIESS, both income linked to salary and reserve funds and unemployment funds are considered.
Can I improve my credit history?
If, for some reason, you do not have a credit history that facilitates the granting of credit, do not worry. There are a few solutions that could help you elevate it.
The most basic thing is to be up to date on your payments . It is important that you pay off most of your debts, even minor ones. In this way, banks will know that, in addition to having the ability to pay, you can adequately meet your obligations.
The second, and although it seems contradictory to the above, is to make your daily purchases with a credit card and defer payments. However, keep in mind that you must always cancel the values in the required time. And, likewise, remember to request certificates from the stores to show yourself as a customer who is usually up to date on their payments.