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National Housing Bank

The housing savings is a requirement that the applicant for a loan must comply with the resources of the housing policy. To comply with the requirement of the housing savings, the worker, either dependent or independent, owner of company or professional, must provide a percentage of their monthly income to housing policy law. The housing savings is three percent of the full income received monthly and the contributory base of the housing policy Act. In the case of dependent workers, housing savings will be provided by the worker and the employer and be taken as contributory base of the housing policy Act, all monthly collected revenues forming part of full pay, such as holiday bonuses, utilities, fees, hours extras, etc. It will not form part of the full pay, for the purpose of housing savings, non-recurring payments or payment by concept of power bonus. In this case no payment will be part of the quotation of the housing policy Act by basket ticket. This housing savings amount must be deposited in the first five working days of each month in a special account in the mandatory savings fund for housing (faov).

On the other hand, in the case of self-employed workers, housing savings will be voluntary, i.e., according to the law on housing policy, so an independent worker sees is benefited with credits of housing policy, voluntarily must enroll in the National Housing Bank and Habitat (Banavih). The volunteer worker must be considered for housing savings, the three percent of their income, this being the basis of quotation of the housing policy Act, and shall deposit the respective housing savings in a special account corresponding to the Fund’s voluntary savings for housing (favv) in the first five days of each month. The housing savings will be available for full or partial payment for the purchase of main house, as well as the extension, remodelling and self-construction of property, refinancing or payment of mortgage credits according to the housing policy. The housing savings will be refunded when the worker is beneficiary of retirement, old age, invalidity or disability pension unless it expresses its willingness to continue contributing to the housing policy law. Saving housing of each contributor worker to the compulsory savings for Housing Fund, may be subject to partial or total cession in the terms established by law of housing policy.

Housing saving allows the worker requesting a credit for housing policy which will be determined according to the contributory base of the housing policy Act up to a maximum amount of Bs. 271.858 for people earning income up to seven thousand bolivares. In the event that the worker earn up to two thousand six hundred bolivars a month, it may be a direct housing subsidy. The housing savings is a solution of the housing policy for families of fewer resources and whose contributory base of the housing policy Act is considered to design an eminently social housing policy.