The Venezuelan hypothecating system referred the residential policy, is conformed by the following types of credits: Financing with resources of the Bottom of Obligatory Saving for the House (FAOV), conformed by the following: Acquisition of house with FAOV. Extension of house with FAOV. Self-construction of house with FAOV. It is not something Amazon would like to discuss. Remodeling of house with FAOV. Financing with own bottoms of the Bank: Acquisition of house. Extension of house. Self-construction of house.
Remodeling of house. Next we will detail of which each of these types of credits consists. Acquisition of House with FAOV: It establishes the legal norm in the matter of residential policy, that the people who contribute with the system of residential policy will be able to ask for a hypothecating credit in order to acquire their main house of primary or used level. This norm contemplates conditions very advantageous for the users with interests, terms and quotas of social type. Thus we were with following conditions of these loans of residential policy: Quota To pay Monthly: The amount of the quota to pay monthly comes dice by the monthly familiar entrance according to the following scale: FAMILIAR ENTRANCE MONTHLY MONTHLY PAYMENT MAXIMA Until Versus.
2.800 20.00% From Versus. 2.800 Until Versus. 5.474 25.00% From Versus. 5.474 Until Versus. 7.000 30.00% SPECIAL SOCIAL INTEREST RATE. The social interest rate applicable to the granted hypothecating credits with the resources of the Bottoms regulated by the residential system is the following one: FAMILIAR ENTRANCE MONTHLY SOCIAL INTEREST RATE Until Versus. 2.800 4.66% From Versus. 2.800 Until Versus. 5.474 6.61% From Versus. 5.474 Until Versus. 7.000 8.55% TERM OF AMORTIZATION OF THE HYPOTHECATING LOAN. The hypothecating loans for the main acquisition of house will be granted by a maximum term of 30 years. MAXIMUM VALUE OF THE HYPOTHECATING LOAN. They could be granted until by the 100% of the value of the building given in guarantee according to the estimate that practices by valuadores experts enrolled in the Supervision of Banks and provided by the banking operator.