How to apply for a home equity loan?

If you have the right to carry out a vertical expansion on your property, you can use it as a guarantee for a loan. In this article I show you how to apply for a mortgage loan from los aires.


What are the airs of a property?

home loan

As you well know, on many occasions, in single-family and multi-family homes (buildings), the roof slab is horizontal. And sometimes this area is used to expand the house, generating a new plant.

The airs refer just to the right of vertical expansion that some buildings have, at their upper level, which we commonly call roof. It should be noted that there are some Peruvian jurists who point out that it is incorrect to use this term to indicate the right indicated. But the truth is that this is what financial institutions, which grant loans on this right, call it.


When does a roof generate an air right?

How to apply for a home equity loan?

You should know that the fact that there is a roof terrace on a property does not imply that the owner of said property has an air right. This occurs only in the following cases:

  • The structure and foundations of the building have the capacity to withstand the actions generated by a vertical expansion. Therefore, the evaluation of a civil engineer is necessary, who must indicate whether or not the expansion is feasible.
  • Local building ordinances allow for an increase in the height of the building.
  • In the case of multi-level buildings, when the owner of the top floor owns the right of the air. That is, in the respective sales contract, it must have been explicitly specified that the roof is your property. Otherwise, the roof is considered a collective asset of all property owners.


How to apply for a home equity loan?

The procedure to be followed in the case of airs does not differ from the one you should use in the case of real estate. The only difference is that you must submit the following technical information:

  • Internal regulation of horizontal property.
  • Urban parameters allowed by the respective municipality.
  • Commercial valuation of air.