LIMA. Throughout the economic history of the country, it can be observed that one of the best financial alternatives to grow and evolve, be it personally or business, is the acquisition of loans. These are mostly easily accessible and are granted almost entirely by banks.
In Peru there are different types of credits according to the different needs of the applicant. Some of them are aimed at corporations and companies, while others are consumer loans for individuals and mortgage loans, so that citizens can buy their own home or renovate the one they already own.
This last type of loan is the most requested by the population today. This large increase in interest on mortgages in local currency began with the notorious drop in interest rates. This process of decrease occurred over the years due to various factors, reaching an annual percentage of 8.1% in 2019.
According to reports from the Central Reserve Bank of Peru In 2021, it went from 4.8% per year to 6.0% compared to 2020, favored by the 8.2% annual increase in loans in this segment in soles.
With the mortgage credit balance growing steadily since August of last year, an interest rate for loans granted of 5.9% per year was indicated in May 2021. The 30-day mortgage and in soles presented percentages lower than 6.4% at the end of 2020 and 7.9% in December 2019.
These credits in national currency consist of a certain amount of rigorous requirements that the bank evaluates before granting them. Some of the factors to be analyzed are the credit history and the debt capacity, determining the risk that this personnel represents for the financial entity that makes the disbursement.
The fall to historical lows in the cost of these loans makes the dream of home ownership is closer and closer for many. According to the opinion of different unions, the real estate and construction sector is expected to grow up to 10% this 2021.
Jorge Carrillo Acosta, a professor at the Pacífico Business School, said during an interview that “it is a good time to acquire a mortgage, because loans are historically cheap. In addition, there is a very attractive real estate offer with smaller apartments that, in turn, are less expensive.