Saturday, August 14, 2010

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Mode Extension of Senior Housing Financing Modalities

Modality Specific Standards for Financing for Expansion:



  • Funding will be paid to the beneficiary in a single payment given to the date of notarization of the loan.


  • After canceling the loan, the beneficiary may qualify for new financing for expansion or remodeling within three (3) years from the date of registration credit. This may be awarded up to two (2) times to the same recipient.


  • The loan is secured by a first mortgage.


  • Benefits can not sell the house until they have passed three (3) years from date of probate her credit.


  • When including Direct housing subsidy should return it to its present value if the sale is made within five (5) years of purchase.


  • For the disposal of property, must be authorized by the mortgagee.

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: Renovation, expansion and self



Specific Standards for the Mode of Financing for Renovation:

  • Funding will be paid to the beneficiary in a single disbursement given to the probate of the same date.
  • After canceling the loan, the beneficiary may apply for a new loan for renovation or expansion of the main house, then within two (2) years from the date Registration Document of credit.
  • This mode Funding may be awarded to the same beneficiary for up to two (2) times.
  • housing may not be disposed of until they have passed three (3) years from the date of notarization of the loan.
  • The direct housing subsidy beneficiaries may dispose of the property, but if done within five (5) years from the date of grant of subsidy to be returned to its present value at the time of disposal (Rule 59 of the LPVH)
  • The mortgaged property shall not be alienated without the consent of the mortgagee, while the loan is not repaid.

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What Are the Requirements for the Application of Credit for Expansion, Renovation and Self-built homes Resources main housing policy? Paper Award

Requirements for Mortgage Loan Application to Housing Policy Resources, for the expansion, remodeling and self-construction of the main dwelling.

On 12 August 2010, was published in the Official Gazette of the Bolivarian Republic of Venezuela, where No. 39,486, the instructive for the granting of loans for expansion, remodeling and self main housing.

In this installment, we'll play the general guidelines of this type of financing.

General Standards of housing policy for the main Housing finance for expansion, remodeling and self.

  • Funding for this program come from the Compulsory Savings Fund for Housing (faov), the Public Sector Contributions (FASP) and the characteristic of Banking.
  • Funding will be awarded to applicants or co-applicants in favorable solvents with monthly incomes up to five (5) minimum wages.
To date I write these lines (08/14/2010) the minimum wage is BsF. 1223.89 , ie will only option in this type of financing families whose income does not exceed Bs.F 6119.45 per month.
  • The loan will be granted when the land itself, or alternatively, the owner authorizes the establishment of first mortgage, only if the relationship with the applicant or co-applicant is the fourth degree of consanguinity or second degree of affinity.
  • The property must be in urban or rural areas who meet the appropriate permits, duly endorsed by the competent authorities in each area.
  • shall apply the interest rate variable minimum social, financial and time share adjusted according to each mode.
  • not eligible for this loan who in the past five (5) years have been the beneficiaries of a mortgage for the purchase of primary residence financed with resources from the housing policy.
  • The beneficiary must cancel, in case of delay, the 2.44% annual interest on the capital portion of overdue monthly fee not paid.
In the next post will touch the subject of specific rules for each type of financing.

Friday, August 13, 2010

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Purchase, sale and

Fifth Approval and signing of the mortgage Registration .

The last step is final approval of the loan by the bank and preparation before the Public Registry of the notarization of documents of sale and mortgage.

Prior to the date of signature, the bank will send the documentation to the Registrar of the locality where housing, mortgage document and data manager.

Day cited the firm for buyers and sellers.

For the protocols of the relevant documents must bring the following documents:

of sale and registration of mortgages:

  • Document to your registry.
  • Photocopy of Identity Card of the Grantors.
  • Municipal Solvency Certificate.
  • Hidrocapital Solvency certificate (only where the operator provides the service of water supply).
  • If the amount of the sale exceed 3000 UT the owner must submit statement issued by the Principal Housing SENIAT or failing the Tax Payment Form Disposition (FORMA33) equivalent 0.5% of transaction amount duly awarded to a National Bank Funds receiver in conjunction with the RIF of the grantors. (Art. 89 Law on Income Tax).
  • Cadastral Sheet original.
  • tax stamps. UT 0.02 0.02 per sheet over UT for the note log.

When the register receives the documents, the purchaser must inform the institution of the date of signing the document.

According to the provisions of Article 68 of the Housing Services and Habitat, l as protocol and provision of the documents referred to in this article shall be recorded in a no later than five days working days from the date of its submission to the appropriate Register.

expenditure Registration Rights:

regard to expenses incurred for registration fees, taxes, fees and contributions, Article 68 of the Law on Housing Services and Habitat provides for exemption according to the following:

" are exempt from payment of registration fees and any other taxes, fees, tariffs, taxes or contributions registration and recording of the acts or legal transactions relating to registration of property transfer documents, loans or mortgages, condominium documents or any other instrument at the time of the acquisition, construction, formation and release of mortgage replacement refund, repair, remodeling, essential basic services, urban planning and livability of main house and unique, granted under the implementation of this Decree with Rank and Force of Law

The protocol and grant documents provided in this article must be registered no later than 5 working days from the date of its submission to the appropriate Register. "

Moreover, the Law of Public Registry and Notaries stable:

Article 100. are exempt from taxes, fees and other contributions raised by this Act, in addition to those laid down in special laws, the documents relating to:

  • Minutes constitutive and statutes of the neighborhood associations and consumer associations, associations of educational communities and indigenous organizations, indigenous micro community character, as well as acts that change must postpone or cancel.

  • The affidavit does not own their own homes.

  • tax certifications required for credit with preferential interest through special laws, as well as from savings, social security funds to buy primary residence, at the request of the financial institution.

  • The collective title of habitat and land of indigenous peoples and communities.

  • acts arising from expropriation processes because of public and social. businessmen and entrepreneurs, workers in small, medium and large enterprises in the industrial sector, which has declared its willingness to adhere to the agreement expressed in macro-responsibility for industrial processing, and reached 'a certain commitments and signed specific agreements with the Government, shall be exempt from taxes and other contributions referred to in this Title.