Month: June 2019

What is a mortgage loan for non-resident Peruvians?

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If you are one of the many Peruvian citizens living outside of Peru, you have the option of applying for a special mortgage loan. Here's what a mortgage loan is for non-resident Peruvians.

What is a mortgage loan for non-resident Peruvians?

What is a mortgage loan for non-resident Peruvians?

It is a mortgage loan aimed at all Peruvians who, residing abroad, require financing to acquire a property in Peru. It is a product that is currently used by many Peruvians living outside Peru, to invest in this country.

With this figure, it is not necessary for your direct family members to act as owners and debtors of the credit. This is because it allows you to be the owner of the debt and the sole owner of the property acquired in Peru with the credit.

How can you process a mortgage loan for non-resident Peruvians?

How can you process a mortgage loan for non-resident Peruvians?

The processing of this type of credit can either be done personally or through an Intermediary Financial Institution (IFI). IFIs are entities that act as correspondents for any of the financial institutions that operate in Peru. Most IFIs are located in the United States of America, so if you reside there, the procedures will be simplified.

While performing administrative procedures personally or using IFIs, you must request the appraisal of the property and the respective study of titles. These requests and their procedures must be made, personally or through a third party, in Peru.

Once you have all the required documents on hand

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You must present them at the corresponding financial institution. And once the credit is approved, you have two options for signing the respective contract:

  • Sign it in the US and send it via courier.
  • Generate a power of attorney with the visa of the Peruvian consulate, so that a family member of yours signs it on your behalf in Peru. This prior registration of the power of attorney in a public registry.

Acquire Mortgage Credit In NVR

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The decision to acquire a mortgage loan at NVR makes you a dynamic person. Well, you should be aware of the changes in the share, affected by inflation .

NVR Definition - Real Value Unit: It is an economic indicator, created in replacement of UPAC. It is applied together with an interest rate on mortgage loans, taking into account inflation. This indicator is affected by the CPI - Consumer Price Index, that is, it increases or decreases according to the cost of living.

 

How to choose a mortgage loan in NVR?

How to choose a mortgage loan in UVR?

If we see it from the point of view of wages, what can happen? For a person who pays his credit. As wages are also affected by inflation , income will increase or decrease. And the fees paid can be covered in the same way.

We can conclude that this system can be beneficial for a person who has minimum wage income. By having a low repayment capacity, you can access an adequate mortgage loan. The amount of financing would be greater with low fees, very convenient considering that the term is long.

 

Amortization systems when acquiring a mortgage loan in NVR

mortgage loan

Fixed fee in NVR (Low fee)

The same fee will always be paid in NVR. But as inflation increases the value in pesos will increase. When calculating the amount of your fee you must multiply it by the value of the NVR at that time. If we analyze the credit balance for the value in pesos, this will increase, since the capital payments are very small.

 

Fixed payment to capital in NVR (Average fee)

Fixed payment to capital in UVR (Average fee)

The payment of the fee in NVR, is decreasing. It means that the quota in pesos will be greater at the beginning of the mortgage loan, but gradually decreases. Greater capital payments are made, therefore, the balance of the mortgage loan is faster. (Recommended).

 

Cyclical fee: (Stable fee)

mortgage loan

The same fee is always paid in NVR. The change of the quota will be noticed annually, when it is affected by the CPI, applied in inflation. The fees decrease each month of the year, but again increase at the beginning of the year, due to the inflation rate.

Car loan: Yes or No?

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A company car: yes or no?

A company car: yes or no?

Many people consider a company car. But it is important to check whether it is wise to purchase a car for business or private purposes. In this article more information and tips about leasing and insurance. Futher reading at http://www.cincy-racing.com/best-payday-loan-consolidation-a-payday-loan-consolidation-program-in-minutes/

Is a company car a good move financially?

It is important to consider whether you purchase a car for business or private. And of course whether you subsequently include your car in the assets (which means that it is deductible from the profit). For a company car, however, you have to take into account that you will receive a private addition, based on the catalog value of the car that can be as high as 25%. This only applies if you drive more than 500 kilometers per year for private purposes, but you must be able to prove this.

Is buying a car a good idea?

Is buying a car a good idea?

Buying a (new) car is of course not a wise move if you don't have the means. A loan is then necessary, which costs a lot of money. See if a second-hand car is an option, so an expensive loan is often not necessary. Negotiating is also important if you buy new, who knows you might get some benefit from it.

How many kilometers do you have to pay for a company car?

How many kilometers do you have to pay for a company car?

If you have purchased a car for private use and also drive there for business, you can charge € 0.19 per business-driven kilometer tax-free to your company. So if you drive a lot for business, a private car is in many cases more interesting.

Rent a company car or lease a car?

Rent a company car or lease a car?

Of course, leasing is also an option if you don't have the money immediately available. With a fixed monthly amount you are assured of a trouble-free car and your maintenance and insurance are included. Keep in mind that you cannot profit from the residual value and that leasing is relatively expensive, but easy. Of course you also have the choice here whether you are business or private.

Insure company car

Insure company car

Insurance is necessary to prevent financial setbacks. With leasing all premiums are paid, but you can of course also arrange this yourself. Inform well with different insurance companies how much you pay in premium, what damage is reimbursed, whether there is a deductible and pay attention to small print!

In short, it is important to consider what is necessary for you: do you really need an expensive lease car, or is private driving and declaring your business mileage actually cheaper? Make a comprehensive comparison between the different options and see what is affordable for you now, but also beneficial in the long term.

Have you ever considered a company car?