BuySellBA
Administrator
From the “cheapest” to the most expensive: the Central Bank revealed the Total Financial Cost of all mortgage loans - La Nacion Popiedades
Source:
www.lanacion.com.ar
September 16, 2024
The data was organized based on the Total Financial Cost of each of the entities.
The Central Bank of the Argentine Republic compared the lines of mortgage loansmanusapon kasosod - Shutterstock
Hear
The Central Bank of the Argentine Republic (BCRA) compared the lines of all the banks that launched their UVA mortgage loans . “In order to facilitate decision-making when contracting financial products, the information is compiled in the transparency system,” can be read on the entity's website.
Since this BCRA instrument is updated monthly, it may happen that the latest changes by banking entities are not modified instantly, as is the case of Banco Nación, which increased the amounts to be lent to 230,000 UVAs ( $261 million to date or US$201,000 at the MEP dollar exchange rate ).
“ Property prices have risen in recent months and we realized that in the time it takes a person to apply for a loan, submit the documentation, have the property appraised and grant the loan (between 30 and 40 days from when the loan is requested until the money is delivered ) , the sales value had risen, so we decided to increase the amounts,” said the director of Banco Nación, Alejandro Henke, at the Real Estate Expo.
" The table provided is a sample of UVA mortgage loans for the acquisition of one's own, sole and permanent home in the Autonomous City of Buenos Aires (CABA). These data, organized from lowest to highest cost, allow for a homogeneous and transparent comparison between the different options available on the market," the entity explained.
A key fact to keep in mind is that, four months after the launch of the new lines of loans, the entities have already granted more than 350 loans , while around 14,600 have already been approved and are in the process of searching for housing or signing deeds.
Loan payments are calculated using the Purchasing Power Unit (UVA) , whose value is adjusted for inflation through the Reference Stabilization Coefficient (CER). The loan amount is divided by the UVA exchange rate at the time of establishing the mortgage, and both the debt balance and the monthly payment are measured in UVAs. This indexed unit is the only possible option in an inflationary economy .
www.buysellba.com
Source:
Del más “barato” al más caro: el Banco Central reveló el Costo Financiero Total de todos los créditos hipotecarios
Los datos fueron organizados a raíz del Costo Financiero Total de cada una de las entidades
www.lanacion.com.ar
September 16, 2024
The data was organized based on the Total Financial Cost of each of the entities.
The Central Bank of the Argentine Republic compared the lines of mortgage loansmanusapon kasosod - Shutterstock
Hear
The Central Bank of the Argentine Republic (BCRA) compared the lines of all the banks that launched their UVA mortgage loans . “In order to facilitate decision-making when contracting financial products, the information is compiled in the transparency system,” can be read on the entity's website.
Since this BCRA instrument is updated monthly, it may happen that the latest changes by banking entities are not modified instantly, as is the case of Banco Nación, which increased the amounts to be lent to 230,000 UVAs ( $261 million to date or US$201,000 at the MEP dollar exchange rate ).
“ Property prices have risen in recent months and we realized that in the time it takes a person to apply for a loan, submit the documentation, have the property appraised and grant the loan (between 30 and 40 days from when the loan is requested until the money is delivered ) , the sales value had risen, so we decided to increase the amounts,” said the director of Banco Nación, Alejandro Henke, at the Real Estate Expo.
" The table provided is a sample of UVA mortgage loans for the acquisition of one's own, sole and permanent home in the Autonomous City of Buenos Aires (CABA). These data, organized from lowest to highest cost, allow for a homogeneous and transparent comparison between the different options available on the market," the entity explained.
A key fact to keep in mind is that, four months after the launch of the new lines of loans, the entities have already granted more than 350 loans , while around 14,600 have already been approved and are in the process of searching for housing or signing deeds.
What are the new mortgage loans granted by banks like?
Rates on new UVA mortgage loans range from 3% to 9.5% . Available amounts can reach up to $350 million , although some entities do not set a limit . Generally, these loans finance between 75% and 80% of the value of the property, with the exception of Banco de Córdoba (Bancor), which offers 100% financing. Financing terms vary between 5 and 30 years , and installments are adjusted for inflation. In addition, the installment committed by the borrower must represent between 20% and 30% of their monthly income.Loan payments are calculated using the Purchasing Power Unit (UVA) , whose value is adjusted for inflation through the Reference Stabilization Coefficient (CER). The loan amount is divided by the UVA exchange rate at the time of establishing the mortgage, and both the debt balance and the monthly payment are measured in UVAs. This indexed unit is the only possible option in an inflationary economy .
www.buysellba.com
