Own home: find out how to get Mivivienda and Techo Propio bonuses

Through the Mivivienda Foundation, a family will be able to receive a bonus that will help them fulfill their dream of owning their own home, but this is not the only help, as the Techo Propio program also contributes to the realization.

New Mivivenda Credit

With this mortgage loan, a citizen can finance the purchase of real estate worth between SGD 65,200 and SGD 464,200.

This is not the only benefit as the lender may also receive Good Payer Bonus (BBP), which is a grant of assistance provided through financial institutions.

With this BBP, the citizen will be able to supplement the down payment for the purchase of their home.

For homes valued between S$65,200 and S$93,100, the bonus is S$25,700. While for the acquisition of homes that sell for between SGD 93,101 and SGD 139,400, BBP has a cost of SGD 21,400.

If a houses valued from SGD 139,401 to SGD 232,200, the New Mivivienda Credit subsidy is S$19,600. And for homes priced between S$232,200 and S$343,900, the bonus is S$7,300.

It should be noted that all of these numbers are exceptional as the Department of Housing and Sanitation increased its housing subsidies in 2020 to ensure that the most vulnerable families can access decent housing during the pandemic.

In addition, if the beneficiary decides to purchase a sustainable home, they are provided with the Mivivienda Sustainability Bonus, which has a present value of 5,400 soles, which helps to pay a higher upfront property purchase fee as it is added to the Good Payer Bonus.

Another advantage is that The new Mivivienda Credit can be repaid over 25 years, given that the monthly fee will always be the same.

What requirements do I need to meet in order to access the New Mivivienda Credit bonus?

– Be of legal age.

– Be a qualified financial institution for a Mivivienda loan.

– Not be the owner or co-owner of another home across the country.

– Have a minimum down payment of 7.5% of the value of the home you are about to buy.

own roof

FROM Program “Own Roof”, families with lower economic resources can receive financial assistance so they can buy or build their own home.

Under this program, the beneficiary has two options: to purchase a new house and to build another house on their own plot.

Under this program, the State provides the Family Housing Bonus, which is a direct subsidy the State provides to a family as a reward for their savings efforts, only once and is non-refundable.

Another way that a family can turn to is a purchase of SGD 40,250, although the price of the house should not exceed 120,300. While it is 27,600 soles to create a bonus.

The requirements for access to the program are as follows:

– Form a family group, which should consist of a head of household who will announce one or more dependents, who may be his wife or partner, his children, siblings or grandchildren under the age of 25 or children over 25 with disabilities, their parents or grandparents.

– To buy a house, the monthly income of the family must not exceed 3715 soles.

– To build a house, the monthly income of the family must not exceed 2706 soles.

– The head of the family should not previously receive housing assistance from the state.

– If they want to buy a house, they won’t have another house or land nationwide.

– If they want to build or improve their home, they must own the property on which the work will be carried out and it must be registered in public registers without fees or encumbrances, and they must not have any other land or home in the country. .

If families meet all of these requirements, they must register at any of the Mivivienda Fund Authorized Offices and Centers throughout the country.

When visiting, they must present their DNI and that of their spouse or partner, if applicable, and have full details of all members of the family group (name, DNI, date of birth).

If the head of household is a cohabiting couple with no marital impediments, the form must be signed by both. If the head of the household is a married couple, the form must be signed by either of them.