The Banco del Instituto Ecuatoriano de Seguridad Social (BIESS) announced on March 23 the launch of its new product, Sustitución de Hipoteca. This initiative allows affiliates and retirees to transfer their mortgage loans from other financial institutions in Ecuador to BIESS, aiming to provide better financing terms and reduce monthly payment burdens.
The program is designed to offer competitive interest rates and repayment periods of up to 25 years. According to BIESS, this can lower monthly installments and bring greater financial stability for insured families.
Eligibility for the product includes employees with formal work relationships as well as retirees due to age, disability, or invalidity. Self-employed affiliates and voluntary members may also apply if they do so jointly with a spouse or partner who is either formally employed or retired.
To qualify for this credit operation, applicants must have collateral valued at least at 125% of the outstanding loan balance. The maximum financing amount can reach up to 1,022 Unified Basic Salaries or USD 492,604, depending on the applicant’s repayment capacity.
With this alternative, BIESS said it seeks to provide more flexible financial options for its insured members by offering more favorable conditions for housing payments. Interested parties can complete prequalification online. A list of partner financial institutions participating in the mortgage transfer process is available on the BIESS website at www.biess.fin.ec.
