Legal status not important for expats purchasing homes in Peru

(LIP-ir) — Whatever their legal situation in a foreign country may be, over half a million Peruvians living abroad will be able to purchase a home in their name in Peru.

Expats will be able to take advantage of these benefits in three months, announced Juan Carlos Hurtado Olarte, the commercial manager for the Mi Vivienda program.

Peruvians living abroad will be able to access the Mi Vivienda loans through banks and financial agencies, the main requirement being that they demonstrate they can save money and pay monthly installments, said Hurtado, assuring that the person’s legal status was not important in the qualification process.

The commercial manager explained that it was more difficult and inconvenient in the past for an expat to get a loan, stating that the loan had to be requested in someone else’s name, such as a friend or family member.

"Mi Vivienda has decided to take an important step forward for Peruvians living abroad, who also have the right to have their own home and purchase it with their savings and remittances so that it can be in their name", said Hurtado.

Peruvians living abroad will be able to apply for loans of up to 175 thousand soles. Basic requirements include having been pre-qualified by a credit agency, not owning a home and not having previously taken part in programs funded by the government.

According to Hurtado, agencies in Spain and the United States are evaluating 150 loan applications.