Do you want to apply for a mortgage loan for a home, but can’t support enough income for it? One solution to this situation is that you apply for credit in partnership with someone you trust. Below we explain what a joint mortgage loan is and what benefits it has.
What is a joint mortgage loan?
A mortgage loan is a type of loan that you can only use to acquire real estate. This property works in turn as a guarantee of compliance with the payment obligations generated by the loan.
Among the different varieties of mortgage loans offered by Peruvian institutions, is the joint mortgage loan. Its characteristic is that it can be taken in partnership with another person of your choice. That is, in partnership with a father, son, partner or friend that you have a good choice.
Each institution that offers this type of product gives it a particular name, and places its own requirements. You can see some denominations of this type of credit according to the respective financial institution.
- Continental BVVA, Free Mortgage Credit, does not discriminate gender, sex or kinship.
- Scotiabank, Family Mortgage Credit, for relatives and heterosexual couples.
- Interbank, Loan Mortgage Credit, heterosexual couples.
What advantages does a joint mortgage loan offer?
The main advantage of this product is to facilitate the income support required to qualify for it. By adding the monthly income, the amount of payment they can contribute as a couple exceeds their individual capabilities. In this way, together they can opt for loans of greater amount of money.
Another advantage is that you can opt for the loan in soles or dollars
In the latter case, only if both partners can support income in that currency.
And finally, depending on the institution where you request it, you can enjoy the following benefits:
- Enjoy a fixed interest rate.
- Cancel in double installments.
- Opt for wildcard fees.