In Peru, the real estate sector comes recovering little by little. According to the findings of the Peruvian Chamber of Construction (Capeco) in 2021, the real estate sector would get a rise greater than 7% on the year. The Association of real Estate Companies of Peru (ASEI), also agreed with that optimism and said that the time was right to buy a certain department.
To do this, there are different ways to finance the purchase of your department or field. Here are the most important according to the peruvian real estate market today:
Ways to finance the purchase of your terrain:
1. Mortgage credit:
All financial institutions provide loans to secure funding for up to 80% and 90% of the total value of the land. In other words, the buyer, usually, you must have at hand an initial fee which represents between 10% and 20% of the total price. This depends on the financial institution and real estate. These loans are long term and can be paid off in 15, 20 or 25 years.
2. Direct credit of the real estate:
It is an alternative to mortgage credit because that is when the buyer makes payments for the purchase of the land directly to the account of the estate. The purchase process is the same, what differs is that the minimum down payment is 30% of the total value and the rest is paid in monthly installments during the course of the work.
IMPORTANT: If this fits for you. Look at the land we have here and questions about the payment facilities we have.
3. Options for independent:
For the approval of a mortgage loan, the financial institutions must request financial information such as the latest pay slips. This can become a problem in the case of independent workers. However, the municipal savings and cooperatives have options that can help this group of people. In this case, you should take into consideration that usually supported by a lesser amount, have a higher rate of interest, and claim a higher amount as down payment.
4. Savings Plan:
This is a method that banks provide nothing more than a group of young people, or that do not have a credit history. In the savings plan, the client and the financial institution to come to an agreement to delimit the amount will be deposited each month, so as to demonstrate that the interested buyer has the ability of savings needed to pay for a mortgage and buy a plot of land. This amount is saved for six months to a year, it will be used for the initial fee.
5. Credit MiVivienda:
This fund was made by the Ministry of Housing, which provides loans for real estate which are in the range of s/.61,200 s/.436,100 suns. The buyer must to have on hand for 7.5% of the total value of property or land as down payment, and, as a requirement, you should not have any other property. This type of projects are able to enter the Green Bond, real estate eco-friendly, and the Bonus of Good Payer, which involve savings of between 10% and 15% of the monthly fee
All that is needed to buy a plot of land:
If you already decided which type of financing are adapted to your situation to acquire the land, then it is important to mention a few details before you make the purchase. With this, you can ensure that your investment provides beneficial results.
- The location of the land:
In the first place, you must define the purpose of the field: whether it will be a family home or holiday home, whether to use as a business or tourist hospitality, etc, In any case, you should opt for an urbanized area, which has access to roadways, shops, hospitals and other amenities.
In Lima, there are many areas that are in growth; however, it is important to be attentive to the surroundings in order to decide if the zone is adapted to the needs of the client and the lifestyle you want to lead.
- Land use and services:
Before you make the purchase you have to observe if the soil has a permit for the construction of houses or businesses. In this step it is important to seek information on the condition of the soil, if you have the basic services (electricity, water, drainage) and soil characteristics and their potential risks. It is also important to consider whether the authorities have revised the ground and have approved the environmental studies of the area.
- Legal status of the land:
This is a very important point to take into account prior to making any purchase of the land. You should review the registration of the land in the Public Records by the web page of the National Superintendant of Public Registries (SUNARP).
This way, you'll be able to check the formality of the property, to confirm the identity of the owner, of the history of the field, such as: if you have debts, liens, mortgages, etc
- Materials of construction:
The moment that you have decided to buy a plot of land in any place in Peru, you have to consider what materials are going to build the building. This depends on how you want to build, and whether it will be a conventional house, prefabricated or built with a 3D printer.
To do this, it is important to take into account the environment, that say, for example, if it is a land located on the coast you should choose materials such as concrete or cement specialized sealant antisalitre, so that the property will endure more.
- Important documents for the purchase of the land:
For the purchase of any land it is important to have on hand the following documents:
- An original copy of the game on the registry of the land.
- In the event that the seller is a legal representative, you need the power notaries who will give you the permission to perform the steps of sale.
- The land urban land and the summary sheet.
- The contract of sale that details the characteristics of the terrain, the details of the new owner and the cost of the land.
- Once purchased the land, you should register in the SUNARP for public purchase.