Mortgage loan from Banco de la Nación: how much is it and what is the interest rate

Banco de la Nación mortgage loan: how much is it and what is the interest rate. (Andean)

Acquiring your own home is one of the greatest aspirations of people. However, the high cost of real estate can mean a barrier between what you want and what you have. For this, there are mortgage loans that millions of Peruvians can access and one of them is the one offered by the Banco de la Nación (BN).

To acquire a loan in this entity, it is necessary to take into account who are the ones who apply and what are the amounts and interest rates offered by the BN. As indicated by the bank, the mortgage loan can only be requested by public sector workers whose employment status is appointed or hired for an indefinite term and pensioners of the Public Sector.

Mortgage credit: find out what properties you can acquire. Photo: Andean

The mortgage loan from Banco de la Nación has coverage of up to 90% of the value of the property that the person wishes to acquire. Remember that since 2020, said entity extended the payment term from 20 to 25 years.

As part of the financing, this also includes the expenses involved, such as registration, notarial and appraisal procedures. The maximum value can be up to 1 Tax Unit (UIT).

The person interested in making the loan can have a savings account from which the corresponding debit will be made to correct the mortgage installments.

Banco de la Nación mortgage loan: how much is it and what is the interest rate. (National bank)

In the 2023 Tariff Schedule of Banco de la Nación we can find that the effective annual rate (TEA) fluctuates between 6.45% and 7.25%. It all depends on the amount and the time in which the mortgage will be paid.

For example, if the credit is up to S/149,999.99 and the payment will be made within five years, the interest rate will be 6.45%. However, if the payment time were deferred up to 25 years, the interest rate would rise to 7.25%.

Compared to other financial entities, the rate managed by the state bank is the most competitive in the market.

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Banco de la Nación mortgage loan: benefits, requirements and who will be able to access this benefit. Photo: Andean

The Superintendence of Banking, Insurance and AFP (SBS) has a comparative credit portal where we find two options for mortgages. One is under the Mi Vivienda fund and the other option is the personal mortgage from each bank.

Under a loan of S/90,000.00 for 15 years, we have that Interbank (9.59%) and BCP (10.77%) have the lowest Annual Effective Cost Rate (TCEA) rate. Banco Pichincha (16.74%) and Banbif (15.25%) have the highest rate.

FACT: The savings banks maintain a high interest rate: Caja Trujillo (16.82%), Caja Raíz (16.17%), Caja Tacna (15.72%) and Caja Arequipa (15.63%).

Foto: Getty Images

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Under a loan of S/120,000.00 for 15 years, we have that Banco GNB (10.4%) and BBVA (13.29%) have the lowest Annual Effective Cost Rate (TCEA) rate. Mi Banco (99.19%), Financiera Qapaq (24.01%), Edypime Casita (26.01%), Banbif (18.16%) and CrediScotia (17.98%) have the highest rate.

In the case of the savings banks, several of them have a high TCEA: Caja Piura (28.63%), Caja Ica (20%), Caja Trujillo (18.93%), Caja Huancayo (18.39%) and Caja Tacna (18.36%). they have the highest interests, according to the SBS.

If the user requests a mortgage loan for S/240,000.00 for 15 years, the scenario is similar to the previous one. For example, Banco GNB (10.15%) and BBVA (12.23%) continue to lead the lowest TCEA.

The expansionary monetary policy of the BCRP during the pandemic contributed to the fact that mortgage credit, although it slowed down at that time, was the most active during this period. SOURCE: ANDEAN AGENCY

According to the Banco de la Nación website, the minimum income to acquire a loan must be S/ 800.00. If the applicant has other income, these must be demonstrable and may include the income of the spouse or partner.

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