Chilean Congress Approves Major Mortgage Subsidy

Chile Passes Law Subsidizing Mortgage Interest Rates Santiago, Chile – In a move to address the challenges of homeownership, the Chilean Congress recently approved a bill offering a substantial subsidy for mortgage interest rates. This initiative aims to ease the financial burden on prospective homeowners, particularly those purchasing properties valued up to 4,000 UF (approximately \$156 million pesos). The subsidy will reduce interest rates by 60 points, leading to a significant decrease in monthly mortgage payments. "This law is a game changer for many families," said Benjamín Quinteros, a journalist at Radio ADN. "The reduction in interest rates could mean savings of hundreds of thousands of pesos per year." The subsidy is designed to benefit those who signed a purchase agreement before January 1, 2025, and will be in effect for 24 months from the date the law is enacted. The government aims to provide this support to 50,000 families. This initiative is expected to have a positive impact on the housing market and contribute to increased homeownership rates in Chile, boosting the economy and improving the lives of thousands of citizens.