1. What is FUNDEVI?
A/ We are a private non-profit institution, specialized in social housing, with financial soundness and the only credit entity in the country that systematically provides access to low income Honduran families for housing financing.
2. For what purposes does FUNDEVI grant loans?
- Land purchase and legalization
- Land purchase and house construction
- House construction in own lot
- House purchase
- Houseware purchase
- House improvement
- Repossessed properties for sale
- Mortgage debt purchase
- Infrastructure development
3. What is the credit limit?
A/ Our credit limit equals 75 minimum Honduras wages (US$430.20), considering that the credit line for each customer depends on their payment capacity and the asset value.
4. What is the interest rate?
A/ 18% annually for loans with a mortgage collateral and 23% annually for loans with a fiduciary collateral
5. What are the requirements to become a client?
- Honduran nationality (by birth or naturalized)
- Legal age - between 18 and 64 years (applicants over 21 may apply to a subsidy according to the Honduran Government regulations)
- Have an income that allows the credit payment
- Not have a bad credit record
- Live in Honduras
- Not have a house (if applying for subsidy)
- Legal land ownership (registered title deed)
- Proof of down payment
- Comply with the requirements for the specific credit type
6. What is the credit term?
A/ Up to 15 years, determined by the economic capacity of the family group
7. What are the requirements to obtain a loan from FUNDEVI?
A/ Depends on the credit type (Requirements)
8. What is a fixed monthly installment?
A/ It is the amount of money to be paid monthly that does not vary through the credit term; it includes the repayment of capital, interests and debt insurance
9. How long does it take for a loan to be approved?
A/ Once all requirements are met and all the documents are submitted, the maximum analysis period lasts: up to 15 days for loans with mortgage collateral and up to 3 days for loans with fiduciary collateral
10. How long does it take for a loan to be disbursed?
A/ Loans with a mortgage collateral will depend on the project´s progress, disbursements can be done weekly, however, the first investment must always be the down payment. In case of house purchases, a single disbursement is made once the mortgage has been subscribed.
Loans with a fiduciary collateral have an average disbursement time of one day.
11. Applicants that economically support relatives (parents, siblings, etc.) are considered as a family?
12. Does the Foundation build housing projects?
A/ FUNDEVI does not build, it only provides financing for house purchase, construction or improvement; occasionally, we may partner with urban/land developers who are responsible for the construction of housing projects.
13. Does FUNDEVI sell houses?
A/ The only properties available for sale at FUNDEVI are our repossessed properties
14. What are your business hours?
A/ Monday – Friday; 8:00 am – 5:00 pm
15. What is the lowest income considered for a loan?
A/ The minimum required monthly income is USD $430.20
16. Does FUNDEVI finance for lot purchase only?
A/ Yes, as long as the lot has access to basic services
17. Is there a down payment?
Yes, it must be invested in the housing project; clients must not give the money to the Foundation nor its employees.
18. Where can the loan be paid?
A/ BAC Honduras, Ficensa, Davivienda, Banpais, Banco Atlántida
19. Can I pay in cash at FUNDEVI’s office?
A/ No. No employee is authorized to receive money. All payments must be made through any of the banks listed.
20. What is the collateral?
A/ Mortgage loans: the house to purchase or build
Fiduciary loans: one or two guarantors
21. Can I lose my house if I stop paying?
A/ Yes. If a client has more than four delayed payments, a judicial repossession process is begun.
FUNDEVI charges an interest in all overdue payments.
22. What is the process of the loan approval?
- Documentation (requirements)
- Socioeconomic assessment
- Technical evaluation
- Loan approval
- Signing of contract
23. Does FUNDEVI grant loans to under age minors or the elderly?
A/Our target market is the population between 18 and 64 years of age.
24. Can I obtain a loan to build rental rooms?
25. Does FUNDEVI grant loans in neighborhoods with no title deeds, only community board certificate?
A/ Only for fiduciary loans and for investments under US$1057.67
26. When should I pay the loan and deed expenses?
A/ They are included within the loan; FUNDEVI pays directly to the lawyer.
27. What are the steps to apply for a credit?
A/ View this page
28. What are the benefits of becoming a FUNDEVI customer?
- Own a home that provides shelter to your family.
- Grace period up to 90 days for the construction period
- Technical assistance in the design and budget planning
- Self-construction and free contracting
- Easy access to financing and personalized service
- Payment options through the bank system
- Open credit line for further loans
- Being part of the biggest social housing financing institution in the country
29. What are my obligations as a client?
- To live in the house
- Not to sell or transfer the house to a third party
- To allow technical supervisions on the asset
- Not to allocate the funds in other investments than the ones approved by FUNDEVI
- Not to rent the house to a third party
- Not to set up a business that goes against the law or moral
- Pay your fee on time
30. Can my down payment be more than the required percentage?
A/ Yes, if you have the economic capacity.
31. If I pay my loan before the original term, do I pay less interests?
A/ Yes, however, if you received a Government subsidy you can only cancel your loan until half the time of the original term has gone by.
32. Where are your agencies located?
Search our agencies here CONTACTS
33. Does FUNDEVI grant subsidies?
A/ The subsidy grants are subject to fund availability on behalf of the Government.
FUNDEVI is a private institution, however, it is qualified by the government housing authorities to intermediate subsidies, for construction or purchase, according to their conditions.
The subsidy is a benefit granted by the Government only once.