Savings as a requirement for Housing Loan Housing Policy

The housing savings is a requirement to be met by the applicant for a loan with the resources of housing policy.

To meet the requirement of housing savings, the worker, either dependent or independent business owner or professional, should provide a percentage of their monthly income to the Housing Policy Act.

The housing savings is three percent of gross income received monthly contribution base for housing policy law.

In the case of dependent workers, housing savings will come from the worker and the employer and shall be based on market price of the Housing Policy Act, all income received monthly wages are part of the whole, such as holiday bonuses, profit commissions, overtime, etc..

Not part of the full salary for the purposes of housing savings, non-recurring payments or bonus payment for supplies. In this case not part of the price of housing policy law ticket payment per basket.

This amount of housing savings shall be deposited in the first five days of each month in a special account in the Compulsory Savings Fund for Housing (faov).

Moreover, in the case of independent workers, housing saving will be voluntary, ie, according to the law of housing policy for an independent worker see credits benefited from housing policy must enroll in the voluntary in the National Housing Bank and Habitat (Banavih).

The volunteer worker should consider saving housing, three percent of their income, this being the base price of housing policy law, and deposited in the first five days of each month the respective housing savings into a special account for Voluntary Savings Fund for Housing (FAVV).

The housing savings will be available for partial or full payment for the purchase of primary residence, and the expansion, remodeling and real estate self, refinancing or mortgage payments in accordance with housing policy.

The housing savings will be refunded when the employee is a beneficiary of retirement pension, disability or handicap, unless they express a willingness to continue contributing to the law on housing policy.

The housing savings of every worker contributor Mandatory Savings Fund for Housing, be subject to partial or total assignment under the terms established by law for housing policy.

The housing savings allows the worker to apply for credit housing policy which is determined according to the contribution base for housing policy law up to a maximum of Bs 271,858 for people who receive income up to seven thousand bolivars. In the event that the worker earns up to 2600 bolivars per month, may be subject to a direct subsidy housing.

The housing savings is a solution of the housing policy for low-income families and whose base price of housing policy law is considered to design an eminently social housing policy.

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