In Ecuador, national authorities have unveiled the new 'Vivienda Premier Credicasa' mortgage plan aimed at facilitating home ownership. This initiative allows individuals to secure a mortgage with key features such as a low interest rate of 2.99%, financing of up to $65,000, and a maximum repayment term of 25 years. These measures are designed to make home ownership more accessible to a broader segment of the population, particularly those adhering to specific financial criteria.

Prospective applicants are required to undergo an online prequalification process through the BIESS (Social Security Institute for Workers), which focuses on annually established income thresholds. The minimum qualifying family income set by the authorities is $1,527 per month, which equates to approximately 3.17 unified basic wages. Furthermore, applicants can choose from three types of homes that qualify for this loan: new single-family homes, residences with multiple rooms, and properties with a commercial appraisal of up to $71,504.70.

The plan targets affiliates who've made at least 36 contributions, with a minimum of 13 consecutive payments. By aligning their benefits to the competitive interest rate and flexible terms, this initiative is expected to foster growth in the housing market and encourage more people to invest in property, ultimately enhancing living standards in Ecuadorian communities.