With the new minimum wage set at one million pesos, the highest in Colombia’s history, the national government’s housing subsidy amounts have also gone up.
In 2022, Colombians earning less than two SMMLV (Colombia’s statutory monthly minimum wage) who belong to a caja de compensación familiar (family compensation fund) will receive up to 50 SMMLV toward buying a home. According to the Minister of Housing, City and Territory, Jonathan Malagón, thanks to the combined (concurrent) subsidy this amounts to $50 million pesos.
“As expected, the significant increase in the minimum wage has had a positive impact on the amounts the national government guarantees Colombian families so they can become homeowners in 2022, making it easier for them to buy a new home of their own,” Malagón added.
Likewise, Colombians earning between two and four minimum wages will receive $20 million pesos, or 20 SMMLV, toward the down payment on a VIS (Vivienda de Interés Social, Colombia’s social-interest housing) home priced at no more than 150 minimum wages*.
The minister also noted that “these families will also receive monthly interest-rate coverage of up to 5 percentage points for the first 7 years of their mortgage.”
For mid-range, or non-VIS, housing priced at up to 500 SMMLV, Colombian households will receive $500.000 pesos a month toward their mortgage payments for the first seven years.
The adjustment also applies to the national government’s new Ecobertura subsidy for certified sustainable non-VIS homes, which reaches 52 SMMLV, or $52 million pesos, coverage equivalent to $619 thousand pesos a month for the first 7 years.
*For major cities and urban areas with more than one million inhabitants. In all other cities, social-interest housing is capped at 135 SMMLV.
