Did you pay for your university with an Icetex loan? Do your friends constantly complain about their debt? Is a postgraduate program calling your name, but your wallet says no? Don’t worry! If you have an Icetex loan and want to buy a home, MENDEBAL will tell you everything you need to know to start making this dream a reality.

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Unless you have the full amount, you’ll need to apply for a mortgage to finance 70% to 80% of the property value, and to qualify, you must meet the following requirements:

• Good credit history: This assures the bank or financial institution that you pay your obligations on time.
• Down payment: Have the amount ready (or an approved payment plan).
• No late payments on financial obligations in the last twelve months.
• Debt limits: You (or co-payers) should not have debts exceeding 30% of your monthly income. This means your Icetex payment cannot exceed 30% of your salary.

If you want to access government subsidies, such as Jóvenes Propietarios, having an Icetex loan is not an obstacle. Just keep in mind that your mortgage payment combined with your Icetex payment should not exceed 30% of your monthly income.

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IS IT RECOMMENDED TO HAVE A MORTGAGE AND AN ICETEX LOAN AT THE SAME TIME?

Absolutely! It’s possible, especially with proper planning. Initially, you may have two debts simultaneously, which could consume up to 60% of your monthly income. To manage this, consider the following:

• Monthly fixed expenses: Rent, food, transportation, utilities, credit cards, etc., and what percentage of your income they consume.
• Emergency plan: If you lose your job or face unexpected expenses, how would you continue paying your debts? Do you have savings for such cases?
• Time advantage: If you buy a home today and it will be delivered in 24 months, you have two years to save/invest and create a financial cushion. Perfect!
• Debt scheduling: Know when your Icetex loan will be fully paid. For example, if your student loan ends in five years and you buy off-plan with a three-year delivery, you’d only have two years of overlapping payments.

So, there are no excuses! The time to choose the home that fits your needs and budget is now.

At MENDEBAL, our advisors are ready to guide you and provide all the support you need to make the best decision. Contact us on WhatsApp by clicking HERE or visit OUR WEBSITE to explore all the apartments we have for you.

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