Paz Centenario announced on May 5 that interest rates for mortgage loans in Peru have reached their lowest levels in three years, with the average rate at 7.84% as of February. The organization said this environment is favorable for buyers, as banks are actively competing to attract new clients and the mortgage portfolio has grown by 7.2% year-over-year.
This situation is significant because a reduction of one percentage point in a S/300,000 loan over 25 years can save borrowers more than S/50,000 in total interest payments. Choosing the right mortgage can therefore have a long-term financial impact.
Among private banks, ICBC offers the lowest rate at 6.90%, while Scotiabank and Interbank both provide entry rates of 7.26%. BBVA leads with competitive rates around 7.53% and offers up to six months grace period at the start of repayment. The Banco de Crédito del Perú (BCP) remains prominent through its MiVivienda program despite higher open-market rates, providing competitive terms within government programs and wide digital access for clients.
The Peruvian government supports homebuyers through several initiatives: Nuevo Crédito MiVivienda targets properties valued between S/68,800 and S/488,800 with minimum down payments starting at 7.5%, financing up to 90%, fixed-rate loans up to 25 years, and bonuses for timely payment reaching S/25,700 applied directly to principal; Techo Propio grants non-repayable bonuses up to S/58,300 for families earning less than S/2,706 monthly; Banco de la Nación offers public sector workers the market’s lowest rate at 6%, financing up to S/200,000 over terms as long as twenty-five years.
The article highlights that most buyers should choose loans denominated in soles rather than dollars due to income stability and protection from exchange rate fluctuations. Requirements across banks include valid identification documents, proof of income or tax filings depending on employment status, clean credit history—especially scores above seven hundred—and available down payment funds between seven-and-a-half percent and ten percent of property value.
Paz Centenario operates within Lima’s real estate sector offering listings for apartments, houses and offices available for rent or sale along with informational content about property sales and legal matters according to the official website.
