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Dollar: The CNV made official the elimination of parking for UVA mortgage loans - La Nacion Propiedades
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Dólar: la CNV oficializó la eliminación del parking para créditos hipotecarios UVA
A partir de hoy, quien saque un crédito en pesos para comprar una casa podrá acceder a la compra del dólar MEP; esto es posible gracias a que entró en vigencia la modificación introducida por la CNV
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June 10, 2024
Dollar: The CNV made official the elimination of parking for UVA mortgage loans
Starting today, anyone who takes out a loan in pesos to buy a house will be able to purchase the MEP dollar; This is possible thanks to the fact that the modification introduced by the CNV came into effect.
By Candela Contreras
Mortgage loans: the parking of the MEP dollar in real estate operations was eliminated
Starting this Monday, June 10, parking for the purchase of the MEP dollar in real estate operations is eliminated . This means that anyone who takes out a UVA mortgage loan in pesos to buy a property will be able to access the dollars immediately . This was established today in the Official Gazette through General Resolution 1004/2024 of the National Securities Commission (CNV)
This news is key because until the elimination of parking was made official - due to the dollar stocks - whoever agreed to a loan had to "negotiate" to pay the property in pesos with the seller, who had to wait at least 24 hours to access to the dollars .
The MEP dollar is recognized as the “stock market dollar”, a financial modality that allows the acquisition of bonds with pesos, and then sell them in dollars. This process requires 24 hours of parking , which means that on the day of the deed, the seller of the property could not immediately access the foreign currency to make the payment simultaneously with the signing of the deed.
Those in the real estate market saw this obstacle as a problem since, through this process, no one would agree to sign a sale without the dollars in hand , which is why they anxiously awaited the change.
“ The development of mortgage credit is important for Argentines and for the capital market .” Through general resolution 1004, UVA mortgage loans are exempt from parking to make operations viable,” reported the president of the National Securities Commission (CNV), Roberto Silva.
Along the same lines, the president of the College of Notaries of the City of Buenos Aires, notary Jorge De Bártolo, considered “the resolution to be very correct” and recognized that in Argentina, a week can be equivalent to a year in exchange terms: “the Simultaneity of times in credit management is vital for the notary to save time with the study of titles and corroborate that the property to be acquired is in perfect condition. That is why we propose that the notarial role begins in that minute 0 in which the credit is requested. And a secure title is a secure credit.”
Accessing dollars is no longer a problem for those who access a mortgage loan
In this way, as of today , the modifications introduced for mortgage loan operations are the following:
- Minimum holding period in the portfolio (parking): operations are exempt from the requirement to comply with a minimum holding period for the securities in the portfolio before being able to sell them.
- Prior information regime (scheduling): the need to comply with the prior information regime, known as scheduling, is eliminated to be able to sell securities with settlement in foreign currency and in local jurisdiction (MEP).
- Restrictions on sales against foreign currency: restrictions on the sale of securities against foreign currency are eliminated in cases where the holder has open financing through guarantees, repos, or other types of financing through operations in the capital market.
In this sense, agents must verify compliance with the established conditions prior to managing any of the aforementioned operations , keeping the supporting documentation in the clients' respective files.
The purchase and sale of the MEP dollar can be carried out through financial intermediaries or directly from the home banking of certain banks. Once you have an account on a platform that allows the purchase of MEP dollars, you can proceed to purchase the bond which, with this modification, will be sold automatically.
Mortgage loans: starting this Monday, the MEP dollar parking lot will be eliminated
This news is announced in a context in which the most important banking entity in the country, Banco Nación , since it came into force on May 20, “ has already received more than 16,200 applications ,” as it was announced last week. the presidential spokesperson, Manuel Adorni.
The spokesperson stated that the entity's loan line, “+Hogares con BNA”, “projects to deliver 40 thousand credits in total.” The objective is clear: to facilitate access to housing for those who dream of having their own home .
After five years without mortgage loans in Argentina , the announced loans excite the real estate sector since, by increasing the demand for properties because a greater number of people will be able to access their own roof, an increase in housing prices will be generated . mainly in areas where available options are scarce .
Competition between banks is becoming increasingly stronger and means that none of them want to be left out of a market that promises to be reactivated with these measures. The key fact about the line announced by the Nation is that, unlike the rest of the entities, it has a key benefit for clients who collect their salaries at the bank: “Families that request the loan will be able to contract an option that has a “cap against inflation ,” said Daniel Tillard, the president of the entity.
How the “anti-inflation” cap works on the installments payable by Banco Nación
The difference that this entity offers in relation to the other banks that announced their loans, is that clients who receive their salaries through Banco Nación (employees in a dependency relationship, retirees and pensioners), when they request loans for single housing and permanent occupation, they may contract an option that will allow them to put a cap on the fee : “The cap results from applying an adjustment to the loan through the salary variation coefficient and, only if that adjustment is less than the fee adjusted by UVA , the limit will occur,” explains the president of the BNA.
The difference in the amounts will be transferred to the end of the loan updated by UVA , and once the payment schedule is finalized, the resulting balance will be rescheduled. This can be paid with a personal loan or with a mortgage extension. Tillard announced that this option will have a premium of 1.5% per year. But, "only after 180 days of disbursing the loan, applicants will be able to choose this option," he concluded, thus giving debtors time to decide if they want to take that alternative or not.
González Rouco exemplifies this option: a person requests a 30-year UVA mortgage loan with an annual rate of 4.5% . For its part, the bank calculates two installments in parallel with the same initial value : one adjusted by UVA and another by the average salary (CVS). The fee that the user pays adjusts monthly according to UVA and contracts the “insurance” offered by the entity , so they pay a sort of “surcharge” of 1.5% and can choose month to month - if the UVA fee is higher to the CVS fee-, what fee does it pay. If you choose to pay the CVS fee, the unpaid balance is accumulated at the end of the loan and is paid off with a personal loan or a mortgage extension.
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