Updated: December 14, 2025
Mortgages in Chile
How mortgages work in Chile
Chilean banks offer mortgages (credito hipotecario) denominated in UF (Unidad de Fomento, an inflation-adjusted unit) at rates between 3.5% and 5.5% annually. Financing covers up to 80% of the property value over 15 to 30 years.
Key requirements
To obtain a mortgage in Chile, you need to meet the following requirements:
- Demonstrable income: You must prove stable earnings, whether as an employee (pay stubs) or self-employed (tax returns or fee receipts).
- Employment history: Banks generally require at least 1 year at your current employer, or 2 years of self-employment activity.
- Clean credit history: A clean credit record is essential. Banks check your payment behavior in the financial system.
- Down payment: You need at least 20% of the property value as a down payment.
Rates and terms
Mortgage interest rates in Chile are expressed as UF + annual percentage. Current ranges:
| Term | Approximate rate |
|---|---|
| 15 years | 3.5% - 4.5% |
| 20 years | 3.8% - 4.8% |
| 25 years | 4.0% - 5.0% |
| 30 years | 4.2% - 5.5% |
Rates vary by bank, applicant profile, and market conditions.
Steps to get your mortgage
- Simulation: Run simulations at different banks to compare conditions.
- Pre-approval: Submit your financial documents to obtain a pre-approval letter.
- Appraisal: The bank will send an appraiser to evaluate the property you want to buy.
- Final approval: With the appraisal approved, the bank formalizes the credit offer.
- Signing: The deed is signed before a notary and registered at the property registry.
Tips for buying in the Aysen Region
The Aysen Region has some particularities to consider:
- Some rural properties may have limitations for traditional mortgage financing.
- Undeveloped land is generally not financeable with a standard mortgage, but alternatives exist such as consumer loans or endorsable mortgage loans.
- Consult with local real estate agents who know the specific requirements for the area.
- Properties in isolated areas may require special appraisals.
Banks in the region
The main banks with branches in Coyhaique and other cities in the Aysen Region include BancoEstado, Banco de Chile, Scotiabank, and BCI. BancoEstado has the widest coverage in smaller towns.