Data as of November 9, 2026. A general-purpose mortgage loan (crédito hipotecario de fines generales) is a long-term loan secured by a property you already own, but the money can be used freely: paying off expensive debt, renovating, funding studies or a business. Because the bank's risk is lower than on an unsecured loan, the rate is closer to a mortgage than to a consumer loan. Today the current interest rate on UF loans of more than one year and up to UF 2,000 is 4.32% a year, and no lender may charge more than 6.48%, according to the CMF, Certificate No. 10/2026 on current interest, in force since October 15, 2026.
View the data as a table
| Current UF interest, up to UF 2,000 | 4.32% |
| Legal maximum, up to UF 2,000 | 6.48% |
| Highest financing published | 90% |
| Longest term published | 30 years |
What a general-purpose mortgage loan is
The CMF, Chile's financial regulator, puts it this way: besides the mortgage used to buy a home, "a mortgage loan can be granted for general purposes, that is, to use the money on whatever projects the client wishes", with a property pledged as collateral. It is also called a loan secured by a mortgage or a free-use loan. The difference from a home-purchase mortgage is not how you repay it (monthly installments in UF over years) but the purpose: the bank does not pay for a purchase, it hands you the money.
It is mostly used for three things: consolidating expensive consumer debt into a single lower payment, funding renovations or extensions and raising capital for a project or business. If your goal is to tidy up your debts, our guide to debt consolidation and refinancing compares this option with the alternatives.
General-purpose mortgage loans by bank: how much they finance and over what term
On November 9, 2026 we reviewed the official pages of the banks and mortgage lenders that offer this product. None publishes a fixed rate for general-purpose loans: they all quote it case by case, based on the client's assessment, the property's value and the term. What they do publish is the maximum share of the appraisal they finance, the terms and some conditions:
| Lender | Product | Maximum financing | Term | Published conditions |
|---|---|---|---|---|
| Bci | Variable-rate mortgage (general purpose and free use) | 90% | 5 to 30 years | Fixed for the first 1 to 5 years, then variable on the TAB; up to 6 months' grace; subject to approval |
| Scotiabank | Fixed, semi-variable or flexible rate (housing and general purpose) | Not published | 5 to 30 years | Prepayment from 5% of the balance with a fee of 1.5 months' interest; specific or general mortgage |
| Banco Security | Standard, mixed-variable or annual-variable mortgage loan (housing or general purpose) | 80% | 6 to 25 years | Up to 6 months' grace; minimum prepayment of 10% of the balance; variable loans use the 360-day UF TAB plus a spread |
| BICE Hipotecaria | General-purpose loan | 70% | 8 to 30 years | Minimum loan of UF 1,000; property worth at least UF 2,000 with no existing mortgage |
Sources: Bci, Scotiabank, Banco Security and BICE Hipotecaria, accessed on November 9, 2026. At Bci the 90% applies to the variable-rate mortgage, which is the product the page lists for general purposes and free use. Santander blocked our request (403 error), Itaú's page returned an anti-bot screen and BancoEstado's did not load, so they are not included; Banco de Chile, Banco Falabella and Banco Internacional do not detail general-purpose conditions on the pages reviewed.
| Bci | 90% | 5 yrs | 30 yrs | Fixed for the first 1 to 5 years, then variable on the TAB; up to 6 months' grace; subject to approval |
| Scotiabank | No data | 5 yrs | 30 yrs | Prepayment from 5% of the balance with a fee of 1.5 months' interest; specific or general mortgage |
| Banco Security | 80% | 6 yrs | 25 yrs | Up to 6 months' grace; minimum prepayment of 10% of the balance; variable loans use the 360-day UF TAB plus a spread |
| BICE Hipotecaria | 70% | 8 yrs | 30 yrs | Minimum loan of UF 1,000; property worth at least UF 2,000 with no existing mortgage |
Two details matter in the fine print. The first is the financing cap: on a house appraised at UF 3,000, 70% lets you borrow up to UF 2,100 and 80% up to UF 2,400. The second is the rate type: several general-purpose products are variable or mixed-rate loans that reset on the UF TAB benchmark; if the TAB rises, the payment rises.
Rates on loans secured by a mortgage: the legal cap in UF
Since banks do not publish the rate, the best official benchmark is the CMF's current interest rate: the average banks charged the previous month on UF-indexed loans of one year or more. Law 18,010 bans charging more than the maximum conventional interest rate, which the CMF publishes in the same certificate. Over the last eight certificates, the cap for loans of up to UF 2,000 moved between 6.30% and 6.57%.
| In force from (2026) | Current up to UF 2,000 | Maximum up to UF 2,000 | Current above UF 2,000 | Maximum above UF 2,000 |
|---|---|---|---|---|
| Mar 14 | 4.38% | 6.57% | 4.24% | 6.36% |
| Apr 15 | 4.26% | 6.39% | 3.83% | 5.83% |
| May 15 | 4.26% | 6.39% | 3.59% | 5.59% |
| Jun 15 | 4.20% | 6.30% | 3.44% | 5.44% |
| Jul 15 | 4.26% | 6.39% | 3.95% | 5.95% |
| Aug 14 | 4.30% | 6.45% | 4.22% | 6.33% |
| Sep 15 | 4.34% | 6.51% | 4.02% | 6.03% |
| Oct 15 | 4.32% | 6.48% | 3.68% | 5.68% |
Source: CMF, current interest certificates No. 3 to 10 of 2026, published in the Official Gazette. UF-indexed peso loans of one year or more; compound annual rates on a 360-day basis, on top of the UF. The November certificate is published mid-month.
View the data as a table
| Maximum, up to UF 2,000 | Maximum, above UF 2,000 | Current, up to UF 2,000 | Current, above UF 2,000 | |
|---|---|---|---|---|
| Mar 14 | 6.57% | 6.36% | 4.38% | 4.24% |
| Apr 15 | 6.39% | 5.83% | 4.26% | 3.83% |
| May 15 | 6.39% | 5.59% | 4.26% | 3.59% |
| Jun 15 | 6.30% | 5.44% | 4.20% | 3.44% |
| Jul 15 | 6.39% | 5.95% | 4.26% | 3.95% |
| Aug 14 | 6.45% | 6.33% | 4.30% | 4.22% |
| Sep 15 | 6.51% | 6.03% | 4.34% | 4.02% |
| Oct 15 | 6.48% | 5.68% | 4.32% | 3.68% |
What the monthly payment on a UF 1,500 loan would be
To put it in pesos, we calculated the monthly payment on a UF 1,500 loan (about CLP 61,943,190 with the UF of November 9, 2026, SII, UF value) at the current rate (4.32%) and at the legal maximum (6.48%). These are our own calculations with equal payments in UF, excluding life and fire insurance, which are added to the payment. Over 20 years, the gap between the two scenarios is UF 1.73 a month (about CLP 71,256).
| Term | Payment at 4.32% | In CLP | Payment at 6.48% | In CLP | Total repaid (at maximum) |
|---|---|---|---|---|---|
| 10 years | 15.36 UF | CLP 634,138 | 16.88 UF | CLP 696,913 | 2,025 UF |
| 15 years | 11.27 UF | CLP 465,570 | 12.90 UF | CLP 532,641 | 2,322 UF |
| 20 years | 9.28 UF | CLP 383,136 | 11.00 UF | CLP 454,392 | 2,641 UF |
| 25 years | 8.11 UF | CLP 335,111 | 9.94 UF | CLP 410,351 | 2,981 UF |
Does your bank or mortgage lender offer loans secured by property? Show your terms to Pauta Financiera readers who compare before mortgaging their home.
See advertising optionsHow it differs from a home-purchase mortgage
For home-purchase mortgages, the CMF publishes the rates each bank reports in its simulator. For UF 2,000 over 20 years, the housing CAE (annual equivalent cost) ranged from 4.62% (Santander) to 5.61% (Bci). Those rates do not apply to general-purpose loans: they are a reference for the market floor, since a loan with no purchase behind it is usually assessed more strictly. We compare every bank in our ranking of the best mortgages by rate and CAE.
- Purpose: housing = purchase or construction; general purpose = free use.
- Financing: housing loans reach 90% at several banks; for general-purpose loans the published range is 70% to 90%.
- Collateral: a general-purpose loan mortgages a property you already own, ideally with no outstanding debt (BICE Hipotecaria requires this).
- Costs and insurance: both carry appraisal, title review, notary and land registry fees, plus life and fire insurance.
Insurance weighs on the final payment: our article on mortgage life insurance and its cost by bank lists each lender's premiums. And to see how housing rates move week by week, check today's mortgage rates and the simulator.
Who a general-purpose mortgage loan suits
- Owners of a paid-off property with expensive consumer debt: swapping loans at a 20% or 30% CAE for one in UF lowers the payment, but stretches the debt over years and puts the house up as collateral.
- People renovating or extending: it works if the project adds value to the property and the amount exceeds what a consumer loan provides.
- Entrepreneurs who own property: it allows long terms, but a failed business can end in foreclosure.
- It does not suit everyday spending or small amounts: closing costs and minimums (UF 1,000 at BICE Hipotecaria) make it expensive.
Before signing, ask each lender for the summary sheet showing the CAE and total cost of the loan, which the law requires them to provide, and compare it with at least two others.
General-purpose mortgage loan FAQ
What is a loan secured by a mortgage?
A loan in which you pledge a property to the lender. If the money can be used freely, it is called a general-purpose mortgage loan.
How much do banks lend on a general-purpose loan?
According to their official pages as of November 9, 2026: up to 90% at Bci (variable rate), 80% at Banco Security and 70% at BICE Hipotecaria, always subject to approval.
What is the maximum rate on a UF loan?
Since October 15, 2026, 6.48% a year for loans of up to UF 2,000 over one year or more, and 5.68% above UF 2,000, according to the CMF.
Over what term can I borrow?
Between 5 and 30 years at Bci and Scotiabank, 6 to 25 at Banco Security and 8 to 30 at BICE Hipotecaria.
Is it better than a consumer loan?
The rate is usually much lower, but the term is longer, there are closing costs and the house is pledged. For small amounts or short terms, a consumer loan can be cheaper overall.
This information is journalistic and educational, not financial advice. Check the conditions and the total cost (CAE) with the institution before signing up.
