Housing leasing lets you buy a home by renting it with a promise to purchase: each month you pay rent and, at the same time, save in a special account until the price is covered. It is governed by Law 19,281, from 1993, and the state supports it with the DS 120 subsidy, which can be applied for year-round at the Serviu for homes of up to UF 2,000 (about CLP 82,580,300 at the UF of November 8, 2026), or UF 2,200 in remote areas. For a UF 1,200 home, the regulation's formula grants a UF 275 subsidy, according to the Minvu, Supreme Decree No. 120 of 1995, text updated to March 16, 2016, article 23.
View the data as a table
| Maximum home price (UF) | 2,000 UF |
| Maximum subsidy, rest of the country (UF) | 425 UF |
| Minimum subsidy (UF) | 125 UF |
| Maximum contract term with subsidy (years) | 20 |
Housing leasing: what it is and how it works
A housing leasing contract involves three parties: the real estate company, which owns the home and rents it with a promise to sell; the lessee-buyer, who pays rent and saves; and the institution holding the savings account. Law 19,281 authorizes banks, finance companies and family allowance funds to open savings accounts for renting homes with a promise to purchase (article 1). The real estate companies must enroll in a special register kept by the CMF.
- Public deed: the contract is signed before a notary and recorded in the Mortgages and Liens Register of the Real Estate Registrar (article 26).
- Term: in subsidized contracts, the sale must take place within no more than 20 years of the lease (article 26).
- No fees from the real estate company: it may not charge lessees fees, though it may ask for performance guarantees.
- Credit life insurance: if the lessee dies, the insurance completes the purchase.
- Arrears: if installments remain unpaid after judicial collection, the term is extended by as many months as installments owed, up to a maximum of 12.
Source: Law 19,281, consolidated text published by the Minvu.
The DS 120 housing leasing subsidy: how much it pays
The subsidy is calculated with a formula that falls as the home price rises: in the rest of the country it is 725 − 0.375 × P UF, where P is the price in UF, with a maximum of UF 425 and a minimum of UF 125. In the north, in Chiloé and in the far south the formula starts from a higher number. So a UF 800 home receives UF 425, a UF 1,000 home UF 350 and a UF 2,000 home the minimum of UF 125. The regulation adds UF 100 if the home is part of a social integration project and up to UF 20 for accessibility works if a family member has a disability.
View the data as a table
| Rest of the country | Arica y Parinacota, Tarapacá, Antofagasta and Atacama | Chiloé Province | Aysén, Magallanes, Palena, Easter Island and Juan Fernández | |
|---|---|---|---|---|
| 600 | 425 UF | 475 UF | 525 UF | 600 UF |
| 800 | 425 UF | 475 UF | 525 UF | 600 UF |
| 1,000 | 350 UF | 400 UF | 450 UF | 525 UF |
| 1,200 | 275 UF | 325 UF | 375 UF | 450 UF |
| 1,400 | 200 UF | 250 UF | 300 UF | 375 UF |
| 1,600 | 125 UF | 175 UF | 225 UF | 300 UF |
| 1,800 | 125 UF | 125 UF | 150 UF | 225 UF |
| 2,000 | 125 UF | 125 UF | 125 UF | 150 UF |
| 2,200 | No data | No data | No data | 140 UF |
| Area | Formula (UF) | Maximum | Minimum | Price cap |
|---|---|---|---|---|
| Rest of the country | 725 − 0,375 × P | 425 UF | 125 UF | 2,000 UF |
| Arica y Parinacota, Tarapacá, Antofagasta and Atacama | 775 − 0,375 × P | 475 UF | 125 UF | 2,000 UF |
| Chiloé Province | 825 − 0,375 × P | 525 UF | 125 UF | 2,000 UF |
| Aysén, Magallanes, Palena, Easter Island and Juan Fernández | 900 − 0,375 × P | 600 UF | 140 UF | 2,200 UF |
Source: Minvu, Supreme Decree No. 120 of 1995, text updated to March 16, 2016, article 23. Note: this is the version of the regulation published by the Minvu with amendments up to 2016; before applying, confirm the current amount with the Serviu. ChileAtiende states that the subsidy is deducted from the home's price, that no prior savings are required (though the real estate company may ask for a cash payment) and that holding a housing leasing savings account is a requirement (ChileAtiende, Housing Leasing Subsidy page).
Example: what is left to pay after the subsidy
The table applies the rest-of-the-country formula to six home prices and shows how much remains to be financed through rent and savings under the contract. Peso amounts use the UF of November 8, 2026 and change daily with inflation, because the contract and the subsidy are expressed in UF.
| Home price | DS 120 subsidy | Balance to finance | Balance in CLP | Subsidy as share of price |
|---|---|---|---|---|
| 800 UF | 425 UF | 375 UF | CLP 15,483,806 | 53.1% |
| 1,000 UF | 350 UF | 650 UF | CLP 26,838,598 | 35.0% |
| 1,200 UF | 275 UF | 925 UF | CLP 38,193,389 | 22.9% |
| 1,500 UF | 163 UF | 1,337 UF | CLP 55,204,931 | 10.9% |
| 1,800 UF | 125 UF | 1,675 UF | CLP 69,161,001 | 6.9% |
| 2,000 UF | 125 UF | 1,875 UF | CLP 77,419,031 | 6.3% |
Pauta Financiera's own calculation using the formula in the Minvu, Supreme Decree No. 120 of 1995, text updated to March 16, 2016, article 23. To learn what the UF is and how it is adjusted, see our article on the UF value today.
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See advertising optionsRequirements to apply for housing leasing
- Be of legal age and enrolled in the Serviu's Single Register, with only one enrollment; spouses may not enroll separately.
- Neither the applicant nor their spouse may own a home or have previously received a home or housing subsidy from the state.
- Hold a housing leasing savings account in the applicant's or spouse's name.
- Have no more than one lease-to-buy contract with a real estate company.
Source: ChileAtiende, Housing Leasing Subsidy page. Applications are accepted year-round at Serviu offices.
Housing leasing or a mortgage: how to compare
The practical difference is the down payment: a mortgage requires a down payment saved before buying, because the bank finances only part of the price, while with leasing the home is used from day one and the saving happens during the contract. The price of that advantage lies in the rent each real estate company sets, which is not published in an official comparator. As a reference, the CMF simulator shows that a UF 2,000 mortgage over 20 years has a monthly payment between CLP 523,492 (Santander) and CLP 566,015 (Bci), with CAEs from 4.62% to 5.61% (CMF, Mortgage simulator, accessed November 7, 2026). Current rates are in our mortgage rates today article.
| Lender | Payment (20 years) | CAE (20 years) | Payment (25 years) | CAE (25 years) |
|---|---|---|---|---|
| Santander | CLP 523,492 | 4.62% | CLP 458,262 | 4.58% |
| BancoEstado | CLP 531,749 | 4.83% | CLP 468,170 | 4.82% |
| Banco Internacional | CLP 539,180 | 5.02% | CLP 480,968 | 5.11% |
| Coopeuch | CLP 541,244 | 5.07% | CLP 478,078 | 5.06% |
| Banco de Chile | CLP 544,960 | 5.16% | CLP 481,794 | 5.14% |
| Banco Falabella | CLP 544,547 | 5.17% | CLP 479,730 | 5.11% |
| Bice | CLP 547,850 | 5.20% | CLP 487,574 | 5.25% |
| Scotiabank | CLP 563,951 | 5.55% | — | — |
| Itaú | CLP 565,189 | 5.58% | CLP 505,326 | 5.60% |
| Bci | CLP 566,015 | 5.61% | CLP 502,849 | 5.56% |
Source: CMF, Mortgage simulator, accessed November 7, 2026. UF 2,000 fixed-rate UF loan, non-endorsable mortgage; payments include insurance. Each bank updates its terms on different dates.
Since 2023, the state has also covered real estate companies if a subsidized home is auctioned and the proceeds do not cover the debt: the Serviu pays 100% of the uncovered balance, up to UF 200 per transaction (Official Gazette, Supreme Decree No. 47, published May 11, 2023). It is a guarantee for the financier, not for the lessee, but it encourages supply. If you opt for a loan, see our comparison of the best mortgages in 2026 and the cost of credit life insurance.
- 1993Law 19,281Published December 27: creates lease-to-buy housing.
- 1995Supreme Decree No. 120Regulates the housing subsidy for these contracts.
- 2015Supreme Decree No. 49Replaces the subsidy amount table (article 23).
- 2023Supreme Decree No. 47State auction guarantee of up to UF 200 per transaction.
Frequently asked questions about housing leasing
How much is the housing leasing subsidy in 2026?
It depends on the home price and area: in the rest of the country it ranges from UF 125 to 425 under the DS 120 formula. Confirm the current amount with the Serviu.
Is a down payment needed for housing leasing?
According to ChileAtiende no prior savings are required for the subsidy, but the real estate company may ask for a cash contribution. Holding the housing leasing savings account is mandatory.
Where is the leasing savings account opened?
Law 19,281 authorizes banks, finance companies and family allowance funds to open them. The account receives the monthly savings that, together with the rent, complete the home's price.
What happens if I stop paying the rent?
The company can sue for collection. If installments remain unpaid after that, the law extends the contract by as many months as installments owed, up to 12, to pay them without surcharge.
This information is journalistic and educational, not financial advice. Check the conditions and the total cost (CAE) with the institution before signing up.
