President Piñera announces protection plan for the middle class with benefits in housing, education and financial

The program considers benefits for more than one million families for about US $ 1.5 billion.
Santiago.- The President of the Republic, Sebastián Piñera, presented this Sunday a support program for the middle class that includes the postponement of mortgage loans with state guarantee, soft loans to give them immediate resources, an extension of the rent subsidy and the credit to higher education.

“Chile is a mainly middle class country, which has progressed based on its own merit, effort and work. The middle class knows this and is proud of its achievements. But he also deserves and needs assurances and opportunities for the future, ”said the Head of State at a ceremony at the Palacio de La Moneda in which parliamentarians and ministers were accompanied.

The President announced the creation of a mechanism to facilitate the postponement of mortgage loans with the delivery of a state guarantee on deferred installments, as well as greater facilities in terms of provisions by the Financial Market Commission.

The mechanism will allow postponing the payment of 6 dividends or whatever is missing to complete that number for those clients who have previously postponed the dividends.
The program applies to homes with a value less than UF 10,000 according to the original appraisal of the loan, which represents more than 90% of the first homes.
“In times of adversity and pain, the Government’s mission is to do its best to protect and bring relief to all families in need,” said the President.

In addition, a credit program for the middle class will be created, which will allow covering up to 70% of the drop in income with a credit limit of $ 2,600,000 pesos, which will be disbursed in four monthly installments. The interest rate will be UF + 0% and will have a term of four years to be paid, with a one-year grace period.

The Head of State also announced a rental subsidy to the middle class through an application aimed at low and middle income family groups with a proven income drop of more than 30%. They will be able to apply for a subsidy that will contribute up to $ 150,000 pesos per month for 3 months for leases of up to $ 400,000 pesos.
The President said that a new exceptional process of application for credit for higher education will be opened.

“Our government, gathering proposals from many sectors, and especially from the parties of ChileVamos, and fully in tune with the public, deems it urgent and necessary to promote a Special Support Plan for the Middle Class”, emphasized the President.

The measures are part of the part of the support network that the Government is building to protect the income of vulnerable and middle-class families and their sources of work.

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