 What is the dwelling family benefit?
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It is a payment made by the government, which is given only once to the favored. It has no charge for the refund, as long as the favored meet all the legal requirements, which constitute a complement to his/her savings in order to ease the acquisition, construction or improvement of a social housing solution.
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Who can get a Benefit?
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Those households which have not got enough resources to get or improve their only social housing solution, whose total income is lower or equal to 4 minimum legal wages per month and meet all the current legal requirements and the decreto 0975 de 2004.
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Which are the requirements to be filled in order to apply for a benefit?
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1. To be of legal age 2. None of the members of the family can have a urban or rural dwelling in national territory 3. The total income of the family can not be more than 4 minimum legal wages. 4. To have as a minimum the 10% of the previous saving 5. Be the first time to receive the dwelling benefit.
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What is the previous saving?
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The applicants to the dwelling family benefit must make payments in order to get the necessary recourses for the acquisition of a social housing solution. This previous saving is a requirement to get the benefit. However, it does not mean that the organizations that grant the benefit have the obligation to assign it. The amount of this previous saving must be at least the 10% of the total price of the social housing solution the person is planning to get.
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Which are the previous saving methods?
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1. The programmed saving accounts for housing, in credit stablishments, watched by the Superintendencia Bancaria. 2. The periodical saving payments, made in special common funds, administrated by fiduciary societies which specific goal is to help their contributors to buy housing; in Mutual Investment Funds watched by the Superintendencia de Valores, and in the employment funds watched by the Superintendencia de Economía Solidaria. 3. The severance payments represented in the deposits made in public or private severance payment funds or in the Fondo Nacional de Ahorro.
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To which of the housing types can the previous saving be applied?
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The minimun saving percentage could be made of one or two of the stablished modalities.
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To which dwellings can the benefit be applied?
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The following chart explains the dwelling?s value and the amount of the Benedit for each:
| Type of dwelling |
Dwelling price |
Fondo Nacional del Ahorro |
Cajas de Compensación Familiar |
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SLMMV |
SLMMV |
SLMMV |
| 1 |
To 50 |
21 |
17 |
| 2 |
More than 50 and to 70 |
14 |
14 |
| 3 |
More than 70 and to 100 |
7 |
7 |
| 4 |
More than 100 and to 135 |
1 |
1 |
· SMLMV: Minimun Legal Current Wage.
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Which are the documents you need to apply for a benefit?
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1. Filled application form; Caja de Compensación Familiar and payments fund to which you are affiliated in the moment of doing the request, if it is the case. 2. Copy of a communication from the company where you are doing the previous saving, which has to specify the saving amount to proceed with the postulation. 3. Marriage civil registration and birth civil registration of the other members of the family. 4. If it is the case, document issued by the authority, to acreditate the condition of mother head of household 5. Card or municipal certification of SISBEN points, for those who have it. 6. Authorization to verify given information and its destination to the benefit?s objective, and acceptation to be excluded automatically from the postulation benefit system, in case of fraud verification in the information or documentation. 7. Medical certificate that accredits physical or mental discapacity of one of the home members, if it is the case.
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How are the scores for application rating determined?
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For effects of determining the rating score of each applicant, the next formula will be used: Score = [36.584 x B1] + [11.261 x B2] + [36.788 x B3] + [21.745 x B4] + [347.313 x B5] + [1.984 x B6] + [15.814 x B7] + [347.313 x B8] For the application of the formula given before it will be needed to take into account that: B1 = Nivel Sisben. If Nivel is 1 or 2, B1 equals 1. For the other scores or without Sisben card, B1 equals 0. For members of Cajas de Compensación Familiar, if the member?s income is less or equals 1.5 SMLM, B1 is 1; if the member?s income is higher 1.5 SMLM, B1 equales 0. B2 = Number of family members. If the home has 2 members, B2 equals 1. If the home has 3 members, B2 equals. If the home has 4 members, B2 equals 3. If the home has 5 or more members, B2 equals 4. B3 = Mother head of household condition, handicapped people or older than 65. If the home chief is a woman or any member of the home is older than 65 years or handicapped, B3 equals 1. If not, B3 equals 0. B4 = Type of dwelling that the applicant will request. If the dwelling is type 1, B4 equals 2. If it is a 2 or 3 type, B4 equals 1.5. If it is a 4 type, b4 equals 1. B5= Saving compared to the dwelling type, expressed in pesos. This number comes from dividing the saving, expressed in pesos, into the price of the dwelling type in application, expressed in pesos. The maximun number of B5 is 0.30. B6 = Saving time. You count the number of months completed from the savings account opening date or the starting of periodical payments, or from the date in which the applicant oficialized his/her commitment of applying his/her payments to the dwelling. When the applicant accredits the opening of the account, as well as the formalization of the commitment described before, the saving time will be counted from the oldest date. B7: = Number of continuous time that the applicant has participated in asiggnment, without winning the benefit, accomplishing all the requirements for scoring. When it is the first application B7 = 0. B8 = fulfillment of the saving commitment. It is a relation between the average of the amounts in the accounts for the last six months, plus 1.25, into the maximun price of the dwelling type in application. The top number of this variable is 0.30. Decreto 0975 de 2004.
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Which are some of the reasons to invest the rent payments in buying your own dwelling?
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If you pay betweem $300.000 and $500.000 each month, you will invest this amount in the payment of your own house? If your income is between $1.000.000 and $1.526.000 millions, you can access to the dwelling benefit. You can cash your $2.670.500 pesos of dwelling benefit in any Caja de Compensación, applying it to the down payment. We make easier for you the down payment, giving you more time. The corporation finances to 70% of your mortgage credit, with the lowest rate of the market. Because you will be able to use your severance payments, finishing the programmed saving, which corresponds to 10% of the dwelling price. You will get independence and assure your family´s future.
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