Law “Housing within Everyone’s Reach” of the Colombian Congress
- November 28, 2024
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Law 2434 of 2024, enacted into law on November 7, 2024, seeks to reduce barriers to acquiring housing through mortgage loans and housing leasing and promote the use of clean energy for housing.
Less upfront costs for buyers:
One of the main benefits of this law is the incorporation of the Deed and Registry Expenses in mortgage and leasing loans for housing. In this way, buyers no longer need to cover these costs in advance, helping to reduce the major economic barriers that previously prevented the acquisition of real estate, granting financial facilities for the buyer.
The housing leasing model becomes an even more accessible tool under this new legal framework. Buyers will be able to lease with an option to buy, allowing the installments to be used towards the final acquisition of the property, eliminating the need for a large down payment
Digitalization and streamlining of procedures:
Another key aspect of this new housing law is the digitalization of technical appraisals, to simplify administrative processes, saving time and resources for buyers. This represents a significant advance for purchase procedures, which traditionally involved long waiting times and high additional costs.
Furthermore, this modernization not only optimizes time, but also minimizes bureaucratic processes and avoids costly intermediaries, making access to housing more efficient.
Promoting sustainability with clean energy:
The law promotes the use of clean energy in housing projects financed through mortgage loans and leasing. This includes the installation of solar panels in new homes, generating a positive impact on the environment and allowing homeowners to save on their utility bills.
This measure seeks to make Colombian households active players in sustainable development, integrating renewable technologies and promoting a much more efficient and ecological housing model. In this way, new owners not only acquire a home, but also a more environmentally friendly lifestyle.
Published by: Century 21 Colombia