The extension of the subsidy at the rate for mortgage loans for the purchase of new homes and the State Guarantee Fund (Fogaes) is progressing rapidly through legislative procedures. This Monday, the Senate Finance Committee unanimously approved the initiative and sent it to the Senate chamber.
The initiative, presented last week, adds 30,000 new slots, reaching a total of 80,000; increases the maximum value of homes eligible for the benefit from 4,000 to 6,000 UF; and extends its validity for 12 months, until May 31, 2028.
Housing Minister Iván Poduje explained that Fogaes "will allow lowering the down payment requirement. Most importantly, today they ask for 20%, and with this state load, it will drop to 10%. Additionally, the installment will decrease because the rate will go from 4% to 3%, so we are very happy," he said.
Last week, it was already unanimously approved by the Chamber of Deputies. According to what was mentioned in the Finance Committee, the project will be discussed this Tuesday in the Senate chamber and, if approved, will be ready to become law a week after being presented by the executive.
The initiative aims to revive the real estate market, which is experiencing one of its worst crises, with high levels of stock of homes ready for delivery. With low sales levels, companies have postponed the start of new projects, which has also delayed employment in the sector. The government…
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The extension of the subsidy at the rate for mortgage loans in the purchase of new homes and the State Guarantee Fund (Fogaes) is progressing rapidly through legislative procedures. This Monday, the Senate Finance Committee unanimously approved the initiative and sent it to the Senate chamber. The initiative, presented last week, adds 30,000 new quotas, reaching a total of 80,000; increases the maximum value of homes eligible for the benefit from 4,000 to 6,000 UF; and extends its validity for 12 months, until May 31, 2028. Housing Minister Iván Poduje explained that Fogaes "will allow lowering the down payment requirement. The most important thing is that today they ask for 20%, and with this state load it will drop to 10%. Also, the installment will decrease because the rate will go from 4% to 3%, so we are very happy," he said. Last week, it was already unanimously approved by the Chamber of Deputies. According to what was discussed in the Finance Committee, the project will be debated this Tuesday in the Senate chamber and, if approved, will be ready to become law a week after being presented by the executive. The initiative aims to revive the real estate market, which is experiencing one of its worst crises, with high levels of stock of homes ready for delivery. With low sales levels, companies have postponed the start of new projects, which has also delayed employment in the sector. The government has focused on the dynamism of construction to improve employment figures, but for that, there must be a decrease in stock. Where is the stock? According to the Chilean Chamber of Construction, as of June 30, 2026, the available supply or stock for sale reaches 99,600 new homes nationwide. Of this total, according to Finance, 88.1% are homes up to 6,000 UF, so the expansion of the 30,000 subsidy quotas covers one-third of that availability. A survey conducted by BMI Real Estate Services shows that including the segment between 4,000 UF and 6,000 UF will increase the options for purchase with a state benefit by 27%, that is, 13,137 additional units. "Raising the ceiling to 6,000 UF is a key boost to unlock the accumulated stock and provide access to middle-class sectors that had been left out of state aid due to rising construction costs. Adding more than 13,000 properties to the eligible universe will energize marketing and facilitate immediate delivery," highlights Sergio Novoa, general manager of BMI Real Estate Services. More than half of the available stock in the new segment (between 4,000 UF and 6,000 UF) is located in regions, accounting for 61.1% of the total, equivalent to 8,028 units. In the Metropolitan Region, the remaining 38.9%, that is, 5,109 homes, are located. The units added to the subsidy are mainly concentrated in Ñuñoa with 1,971 units, Antofagasta with 982, Iquique with 832, Temuco with 749, San Pedro de la Paz with 624, and Concepción with 596. Further back are La Florida with 565, Viña del Mar with 481, and Concón with 473. "In the major regional capitals and consolidated communes of Santiago, such as Ñuñoa or La Florida, there is a significant concentration of completed projects that fit the new scale. The measure will allow families to find a diversified offer in well-equipped areas," adds Novoa. When observing the total of homes up to 6,000 UF eligible for the subsidy, BMI Real Estate Services counted a total of 61,591 available units, regardless of their construction status. Of these, 55% are in regions (33,601 units) and 45% in the capital (27,990 units). The five communes with the highest proportion of homes up to 6,000 UF are Santiago with 5,502 units, Ñuñoa with 4,237 units, La Florida with 3,394, Concepción with 2,951, and Antofagasta with 2,864. Further back are Temuco and Puerto Montt with 2,563 and 2,252 units respectively. "We hope this policy will not only help reduce the housing deficit and real estate overstock but also reactivate the entry of new projects that generate employment and investment in the coming months," concludes Novoa. NEWSLETTER Pulso PML Monday to Friday, 12:30 PM The most relevant in markets, companies, and business: timely information, context, and content to make better decisions. By subscribing, you accept the Terms and Conditions and Privacy Policies of La Tercera.