Buying a home almost never starts with an Excel spreadsheet.
It starts with looking.
A project we saw on the way home. An apartment that showed up on social media. A recommendation. A Sunday visit. Or that conversation where someone says: “with what you pay in rent, you should look at how much it would cost you to buy”.
And then the math begins.
A Priority Interest Housing unit (VIP) may come up that is much closer to the budget. Then we find a Social Interest Housing unit (VIS) with different features. And, of course, there is also that larger apartment, with parking, in Medellín —or in whatever city you are in— that costs COP 450 million and makes us ask:
what would have to happen financially for me to be able to buy it?
That is where the search changes.
We are no longer just comparing homes. We are comparing how much we have, how much we need to finance and what it means to take on that loan for several years.
VIP, VIS or Non-VIS: first, let’s understand what we are looking at
These three categories come up quickly when we start looking for a home.
According to the Ministry of Housing, a Priority Interest Housing unit (VIP) may have a maximum value of 90 current monthly legal minimum wages, while a Social Interest Housing unit (VIS) may reach, as a general rule, 135 minimum wages.
With the 2026 minimum wage, this gives us an approximate reference:
- VIP: up to about COP 157.6 million.
- VIS: up to about COP 236.4 million.
- Above those limits we are, generally speaking, looking at a Non-VIS home.
An important note: VIS or VIP does not mean a specific socioeconomic stratum. The housing classification is one thing; the socioeconomic stratum assigned to the property is another.
That is why, when you are looking at a project, it is better to confirm its classification directly than to infer it from the area, the size or the stratum.
Now let’s put it in numbers
Maximum financing percentages help us ground the conversation.
Bancolombia, for example, currently states that a mortgage loan can finance up to 80% of the commercial value for VIP and VIS homes, and up to 70% for Non-VIS homes.
These are maximum percentages: final approval will depend on the credit review, the appraisal and each buyer’s particular circumstances.
Let’s look at three simple scenarios.
Case 1. A COP 150 million VIP home
If financing reached 80%:
Home value: COP 150 million
Own funds: from COP 30 million
Loan: up to COP 120 million
Taking, purely as an illustrative exercise, a 20-year peso-denominated loan and a rate close to the references currently published by Bancolombia, the monthly payment would be around COP 1.45 million.
Case 2. A COP 230 million VIS home
With financing of up to 80%:
Home value: COP 230 million
Own funds: from COP 46 million
Loan: up to COP 184 million
Under a similar 20-year exercise, the payment could be approximately COP 2.2 million per month.
Also, if you are buying a new VIS or VIP home, it is worth checking whether you can access a current subsidy program.
The Ministry of Housing keeps up-to-date information on available programs, their conditions and requirements.
Case 3. That COP 450 million apartment
Now let’s think about a Non-VIS home.
Value: COP 450 million
Maximum reference financing of 70%: COP 315 million
Own funds: from COP 135 million
Again using a 20-year peso-denominated loan and, as a reference, the rate currently published by Bancolombia for Non-VIS homes, an approximate monthly payment would be around COP 3.8 million.
And here an interesting conclusion emerges:
the jump from one home to another is not only in the price. It is also in the down payment we need to save and in the monthly obligation we can take on.
These three examples are for illustration only. They do not include insurance or other transaction costs and do not constitute a quote.
Rates may change and each institution assesses each applicant individually. That is why, before making a decision, it is always wise to review the current mortgage loan conditions directly with the financial institution.
How many years can I finance?
The term also changes the conversation considerably.
In the product we are using as a reference, Bancolombia currently offers home loans:
In pesos: between 5 and 20 years.
In UVR: between 5 and 30 years.
A longer term can usually reduce the monthly effort, but it also means keeping the obligation for longer.
That is why looking only at the monthly payment may not be enough.
Pesos or UVR: two different ways to finance
Another decision that comes up during the process is choosing between a loan denominated in pesos or in Real Value Units (UVR).
In pesos, the rate remains fixed for the term under the product’s conditions, and the payment follows the behavior expected for that system.
The UVR, on the other hand, is a unit whose value is adjusted for inflation.
Banco de la República (Colombia’s central bank) officially explains how the UVR works and how its value is determined.
It is not simply a matter of deciding which one is “better”.
The useful question is:
do I understand how each alternative works and how it would behave within my finances over several years?
What do banks usually ask for to review a home loan?
Although each bank has its own policies, before starting it is useful to check whether we have some basic elements ready.
Initial checklist
- Be of legal age.
- Be able to prove the income that will be used to pay the loan.
- Have a payment capacity compatible with the monthly installment.
- Disclose any other existing financial obligations.
- Authorize the review of the information required for the credit assessment.
- Submit the documentation that applies depending on whether we are employees, self-employed, retirees or have another source of income.
- Have the funds needed to cover the part of the property that will not be financed and the other costs associated with the purchase.
As a reference, Bancolombia currently states that it allows home loan applications with income from one minimum wage, and that family incomes can be combined to increase borrowing capacity.
In addition, the Financial Superintendence of Colombia sets general guidelines on assessing the borrower’s payment capacity and the conditions of credit operations.
This does not mean that meeting a checklist guarantees approval.
Each institution applies its own risk criteria and may request additional information.
So, where do we start?
Maybe we find a VIP home that fits our budget perfectly.
Perhaps a VIS home lets us get the space or location we are looking for.
Or we decide to wait a little longer, increase the down payment and buy that larger apartment, with parking, in Medellín or in the city where we want to live.
All three can be reasonable decisions.
The difference lies in doing the full math.
Not only:
how much will the bank lend me?
But also:
how much do I need to contribute?, how much would I pay each month?, for how long?, what other costs come up, and how much room will that obligation leave in my finances?
Because buying a home does not start when a message appears saying “loan approved”.
It starts much earlier: when we understand what we are buying and how we are going to pay for it.
And perhaps, after doing that exercise, the most useful question stops being:
“Can I afford it?”
and becomes:
“Does this purchase make sense for me?”
Are you considering buying a home? At Domus Consulting we help you legally review the property and every step of the process before you sign. Let’s talk
The values and payments shown are illustrative examples. Rates, financing conditions, subsidy programs, maximum percentages and requirements may change. Always check current conditions directly with the financial institution and official sources.
Information reviewed: October 2026.
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