If you have relatives abroad, who can send you remittances on a regular basis, you have the option of applying for a special mortgage loan. Here’s what a mortgage loan with remittances is.
What is a mortgage loan with remittances?
It is a mortgage loan aimed at all Peruvians who have the possibility of receiving remittances, sent by their relatives who live abroad. So if you receive or have the possibility of receiving remittances from your parents, siblings, children or spouse, you can opt for it.
At present, there are many Peruvians who, living abroad, use this type of products to invest in that country. For the family member who receives the loan it is beneficial, since he uses the property acquired with the credit as his home. This as compensation for their actions as owners and credit debtors.
You can also opt for the option offered by some banking institutions, in which home ownership is shared. In this case, it is the co-ownership of both who sends the remittances, and who receives them.
How can you process this type of mortgage loan?
If you want to access this type of credit, the first step you must take is to demonstrate your ability to pay. You achieve this by receiving and saving monthly remittances received from your relative. These should be placed in the savings instrument that the financial institution indicates for this purpose.
Once you have exceeded the minimum period for saving remittances set by the institution
you can apply for the mortgage loan. Keep in mind that the monthly amount you receive in remittances during that period will determine your maximum monthly payment capacity. That is, you can request a mortgage loan for a maximum amount that will be a function of the minimum remittances you have received.