Real Estate News Mortgage Bank: Up to what amount can be requested with the new loan to buy a house - La Nacion Propiedades

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Mortgage Bank: Up to what amount can be requested with the new loan to buy a house - La Nacion Propiedades​

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Banco Hipotecario: hasta qué monto se puede pedir con el nuevo crédito para comprar casa

Luego de cinco años de casi no tener crédito hipotecario en la Argentina, un banco lanza una propuesta en UVA a pagar en 30 años; cuáles son los montos a que se pueden solicitar

www.lanacion.com.ar

April 25, 2024

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After five years of almost having no mortgage credit in Argentina, a bank launches a proposal in UVA to be paid in 30 years; What are the amounts that can be requested?

By Maria Josefina Lanzi

A new mortgage loan seeks to provide new hope for those who want to access a home with a final rate of 8.65%

A there is practically no mortgage credit offer in Argentina: a UVA line (mortgage loan that is indexed to the Purchasing Value Unit) promoted by the Banco Hipotecario that seeks to provide a new hope for those who want to access a home with a final rate of 8.65% . For those who are clients of the bank and have assets, there is a benefit of 50% of the fee during the first year, that is, the rate will be 4.4% final for the initial 12 months.

“ It is the first one that is coming out after a long time of almost no credit . It existed, but there was little. The Bank of Córdoba came with something, but it was very specific for that province. On the other hand, many banks were very reluctant to provide mortgage credit , since the possibility that Alberto Fernández's government would modify the conditions was very latent, something that was discussed every few months," says Federico González Rouco, economist at the consulting firm. Empiria, led by Hernán Lacunza, former Minister of Economy.

“They finance up to 80% of the value, when it is generally 75%, so the barrier to access is lower. It is still a lot, but it means less than on other occasions,” explains Rouco and, regarding the income required to be able to apply for the loan, he points out: “They are levels close to those that someone from the middle or upper middle class could access . ”

Starting in May, a mortgage credit line is launched at UVA

What are the amounts that can be requested?​

To buy a house​

The amounts and requirements that the Mortgage Bank sets as a condition to request this credit are the following:

• The credit is for up to $250 million in a single disbursement .
• They finance up to 80% of the home . Whoever requests it must have the remaining 20%, which is paid in advance.
• The credit must be used for a first or second home .
• It has a rate of 8.5% . The first 12 installments for clients with bank credit have a rate of 4.25%, which means a 50% promotion in the first year (with the total financial cost: final rate of 8.65%; 4.4% final the first year for salary accounts ).
• The maximum payment term is 360 months (30 years).
• The capital is adjustable by UVA .
• The monthly fee payable cannot exceed 25% of the applicant's income.

To illustrate, Rouco says that for every US$50,000 loan (not the value of the home), a 25-year term, installments of $400,000 will be requested, and a blank income of $1.6 million from the debtor household is required. In the case of a couple (debtor household) the income can be added and request the loan together and, therefore, request more money. In that case, “to buy something for US$125,000, you need income of approximately $3.2 million. Today we are talking about four average salaries.”

The new mortgage loan grants up to $250,000,000

In addition to the fact that this line of credit can be requested for the purchase of a first or second home, it is also granted for the construction, completion and expansion of homes .

For construction of a house​

• The credit is for up to $250 million with an advance and two disbursements against progress of the work .
• They finance up to 80% of the construction budget.
• The credit must be used for the construction of a first or second home .
• It has a rate of 8.5% . The first 12 installments for clients with bank credit have a rate of 4.25%, which means a 50% promotion in the first year (with the total financial cost: final rate of 8.65%; 4.4% final the first year for salary accounts).
• The maximum payment term is 360 months (30 years).
• The capital is adjustable by UVA .
• The monthly fee payable cannot exceed 25% of the applicant's income.

For construction, up to 80% of the construction budget is financed

For finishing a house​

• The credit is for up to $125 million in a single disbursement
• They finance up to 50% of the construction budget.
• The credit must be used for the completion of the first or second home .
• It has a rate of 8.5% . The first 12 installments for clients with bank credit have a rate of 4.25%, which means a 50% promotion in the first year (with the total financial cost: final rate of 8.65%; 4.4% final the first year for salary accounts).
• The maximum payment term is 360 months (30 years).
• The capital is adjustable by UVA .
• The monthly fee payable cannot exceed 25% of the applicant's income.

For house extension​

• The credit is for up to $125 million in a single disbursement.
• They finance up to 100% of the budget without exceeding 35% of the value of the current guarantee.
• The credit must be used to expand the first or second home .
• It has a rate of 8.5% . The first 12 installments for clients with bank credit have a rate of 4.25% , which means a 50% promotion in the first year (with the total financial cost: final rate of 8.65%; 4.4% final the first year for salary accounts).
• The maximum payment term is 360 months (30 years).
• The capital is adjustable by UVA .
• The monthly fee payable cannot exceed 25% of the applicant's income.

An example of a fee for clients and non-clients of Banco Hipotecario would be like this: every $1,000,000 for 30 years, those who are clients and credit their salary there will pay a fee of $5,050 with a preferential rate of 4.25% the first year; Those who are not clients of the bank will pay a fee of $7,820 in that same period.

The Mortgage Bank launches a new loan in UVA

When will the new mortgage loan be available?​

It is officially launched on the market between May and June (date to be confirmed) and will be online, for the construction, acquisition, completion or expansion of a first or second home. For some experts, it is a rebirth of the years 2016 to 2018, where the UVA credit emerged and many began to apply for this loan.

When asked if other banks will also venture into the possibility of offering a mortgage loan, the response from José Rozados, director of Reporte Inmobiliario, is that they probably will. “It will surely be a kick-start that will force other banks to accelerate the process, so as not to lose customer market share ,” says Rozados and adds: “Banks use mortgage credit as an anchor to have captive clients in the long term, since which is a way to insure them for 10, 15 or 20 years, and also to attract new ones.”



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