Venezuelan mortgage system referred to the housing policy, is conformed by the following types of loans: financing with resources from the mandatory savings fund for housing (FAOV), consisting of the following: acquisition of housing with FAOV. Expansion of housing with FAOV. Self-construction of housing with FAOV. Remodeling of housing with FAOV. Financing with own funds of banks: acquisition of housing. Expansion of housing.

Self-construction of housing. Refurbishment of housing. Then we will detail what each of these types of credits. Acquisition of housing with FAOV: establishes the legal regulations in the field of housing policy, that people who contribute to the system of housing policy may apply for a mortgage with the purpose of acquiring your main level primary or used housing. This standard provides very advantageous conditions for users with interest, deadlines and quotas of a social nature. Thus we have the following conditions of these loans of housing policy: to pay monthly fee: the amount of the fee to be paid monthly is given by monthly household income according to the following scale: income family monthly maximum monthly fee until Bs. 2,800 20.00% from Bs. 2,800 to Bs.

5.474 25.00% from Bs. 5.474 until Bs. 7,000 30.00% SOCIAL interest rate special. The applicable interest rate social mortgage loans granted with the resources of the funds regulated by the residential system is as follows: monthly family income SOCIAL interest rate up to Bs. 2,800 4.66% from Bs. 2,800 to Bs. 5.474 6.61% from Bs. 5.474 until Bs. 7,000 8.55% term of amortization of the mortgage loan. Mortgage loans for the acquisition of main dwelling shall be granted for a maximum period of 30 years. THE MAXIMUM VALUE OF THE MORTGAGE LOAN. They may be granted up to by 100% of the value of the property given in guarantee according to the appraisal that is practiced by proficient specialists registered with the Superintendency of banks and supplied by the Bank operator.