Compensation funds in Colombia offer home improvement subsidies that are presented as a significant solution for those looking to remodel their homes and lack the resources to do so. This type of subsidy is not only available for urban areas, but also for rural areas.
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According to the National Administrative Department of Statistics (DANE), in 2023, 39.5% of households in Colombia owned their own home. This percentage is divided into 35.4% of households that had already finished paying for their home and 4.1% that were in the payment process.
Obtaining a home has become a considerable challenge due to the high cost of the real estate market in recent months. This increase in prices has made it difficult for many people to fulfill their desire to have their own home. However, “what many do not know is that there are alternatives that facilitate the purchase of homes, allowing people to save significantly in the process.”
For those who have already purchased a home, the next step is often to remodel it according to their preferences. However, lack of adequate financial resources is a common obstacle. “Several compensation funds offer their members subsidies aimed at improving their homes,” which becomes a great help for these families. Cafam, for example, provides subsidies to improve social housing in both the urban and rural sectors, as well as subsidies to buy new houses and build on empty lots.
Compensation funds in Colombia, such as Cafam, offer multiple subsidies through their housing line, aimed at satisfying various needs of their members. These include the purchase of new homes, construction on empty lots and the improvement of social housing.
To access the Cafam home improvement subsidy, there are fundamental requirements. A crucial aspect is that the property in question must not be located in an area of high non-mitigable risk. Additionally, the property must have immediate and full availability of public services. This ensures that projects are carried out under conditions that promote the safety and well-being of beneficiaries.
As for the amounts of the home improvement subsidy, these vary depending on the location of the property. Thus, in rural areas, the subsidy amounts to 25,520,000 million, in urban areas it is from 20,880,000 million pesos.
The process to access these subsidies begins with collecting the necessary documents. The first step is to fill out the application form completely and correctly., ensuring that it does not contain deletions or amendments and is duly signed by all adult household members. In addition, it is essential to attach a legible photocopy of the citizenship card of each adult in the household and the identity document of minors, including their personal identification numbers (NUIP).
For those households with members who have physical or mental disabilities, it is required to present a medical certificate proving this condition.
Another important requirement is the labor certification, which must be signed by the employer and include all income reported on the application form, even those that do not constitute salary. This certification must be valid for no more than 60 days to be valid, thus ensuring the timeliness of the financial information presented.
Once all documents have been compiled, applicants should review the application calendar for specific dates and deadlines. This calendar is essential so that interested parties submit their applications at the appropriate times and do not miss the opportunity to access the subsidy. Subsequently, the filing of the documents must be done at the nearest service center of the compensation fund.
