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Mortgage loans: 4 new banks join the UVA loan boom - La Nacion Propiedades
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Créditos hipotecarios: se suman 4 nuevos bancos al boom de los préstamos UVA
Con un máximo de $200 millones, a partir del 25 de junio se podrán solicitar los créditos hipotecarios a través de las webs y las sucursales de las entidades
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June 21, 2024
With a maximum of $200 million, starting June 25, mortgage loans can be requested through the websites and branches of the entities
Mortgage loans: with these new banks, there are now 20 that offer their UVA lines
The dream of owning your own home is becoming more and more latent .Four more were addedto the 16 banking entities that offer their mortgage credit lines : the banks belonging to the Petersen Group launched their new UVA loans in pesos and with terms of up to 20 years. Designed particularly to provide access to housing, the new loans are available in four provinces of the country: Santa Fe, Entre Ríos, San Juan and Santa Cruz .
Starting next Tuesday, June 25, the banks of the four provinces will allow financing up to 75% of the value of a property to be acquired, with a repayment period of up to 20 years and will be in pesos adjustable by UVA , plus a fixed rate nominal annual rate of 5.5% for clients who receive their salary in each of the entities and 7.5% for those who do not prove salaries.
“From our banks we design a solid, accessible and long-term financial solution for those who want to fulfill the dream of having their own home,” they indicated from the Petersen Group , and highlighted that “with this tool we continue to be close to all our clients, creating and offering value proposals so that they can continue to carry out their projects with the help of the local bank.” In addition, they highlighted as a differential of this new line, that the fire insurance will be subsidized during the first 12 months.
Additionally, something to keep in mind is that the loans will allow financing up to 75% of the value of the property, with a maximum of $200 million and a minimum of $10 million.
The new credits are available in four provinces of the country: Santa Fe, Entre Ríos, San Juan and Santa Cruz
The requirements to access the new mortgage loans of the 4 provinces
- Being over 18 years
- Be up to 70 years old at the end of the loan
- The minimum net income received must be one million pesos (other personal income and/or income from a spouse or cohabitant can be added)
- Work seniority must be a minimum of 1 year
- The fee-to-income ratio should not exceed 30% of the applicant's net income for banked clients, and 25% for unbanked clients.
Mortgage loans: the new lines allow you to request a maximum of $200 million
The Government authorized the purchase of the MEP dollar at the time the deed was signed
The National Securities Commission (CNV) reported that the Government decided to eliminate parking for the purchase of the MEP dollar in real estate operations . This means that whoever takes out a UVA loan in pesos to buy a property will be able to access the dollars immediately . This news is key because until now - due to the dollar clampdown - whoever accessed a loan had to "negotiate" to pay for the property in pesos with the seller, who had to wait at least 24 hours to access 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 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.”
On June 10, the elimination of the MEP dollar parking in real estate operations with UVA credits came into effect.
In this way, the modifications introduced for mortgage credit 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.
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