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Mortgage loans: A bank launched a line with installments that are not adjusted for inflation - La Nacion Propiedades
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Créditos hipotecarios: un banco lanzó una línea con cuotas que no se ajustan por inflación
Los créditos son a 20 años, con un monto máximo a prestar de $200.000.000 y tiene la posibilidad de elegir un crédito que no se actualiza por inflación
www.lanacion.com.ar
June 06, 2024
The loans are for 20 years, with a maximum loan amount of $200,000,000 and you have the possibility of choosing a loan that is not updated due to inflation.
By Candela Contreras
Mortgage loans: the bank that joins the wave offers a line in UVAs and another that is not adjusted for inflation
The real estate market continues to give something to talk about . A new private bank rode the wave of mortgage loan announcements and announced its own lines: Banco Credicoop . With this, there are now 16 entities that offer loans with the aim that more people can fulfill the dream of having their own home : Nación, Ciudad, Hipotecario, Supervielle, Galicia, Macro, Santander, BBVA, Brubank, Patagonia, Del Sol, ICBC, Bancor (Córdoba), Banco de Corrientes and Banco Provincia del Neuquén.
The big difference that Banco Credicoop proposes with the rest of the entities is that it offers two types of modalities in the offer of mortgage loans for the acquisition of first and second homes:
1) with the UVA line with a fixed rate of 5.5% (for those who accredit their assets in the bank) and 6.5% (without accreditation). It will be valid from Monday, June 10.
2) in the traditional modality, in pesos with a variable rate and French amortization system , which is currently 36% (Badlar Private Banks rate -32%- + 4 points). It is already operational.
“Based on the particularities that arise for our users regarding the need to access their home in a context of growing increase in the cost of rentals, from Banco Credicoop and although we have reservations about the convenience of to go into debt with these instruments , we have decided to relaunch the offer of mortgage loans,” the entity communicated to LA NACION .
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 would be generated . mainly in areas where available options are scarce . Martín Boquete, director of Toribio Achával, reflects that “ if low and stable inflation is maintained and the property market can operate in dollars , the real estate sector will accompany the growth of the economy.”
There are already 16 banks that launched their mortgage credit lines
Mortgage loans: how does the rate that is not adjusted for inflation work?
The variable rate line has a current TNA adjustable by the four-month daily average of the Badlar Private Banks rate - which is currently 32.3750 - plus four basis points, that is, around 36%. This refers to the rate published by the Central Bank and is established for fixed-term deposits greater than one million pesos in private banks.Both lines of credit are variable with the difference that UVA loans have a fixed rate, which depends on each bank, in the case of Credicoop it is 5.5% (for those who prove their salary) and 6.5% ( for those who do not have a salary account) and what varies, in this case, is the fee when adjusted for inflation. While in the case of opting for the traditional credit line (Badlar Private Bank Rate published by the BCRA), the rate is variable, since as mentioned before, it is adjusted depending on the data published by the BCRA and generates direct the variation in the quotas.
For example, in a specific case of a loan requested for $10,000,000, the initial installments to be paid in each of the lines offered by Credicoop would be the following:
- Initial fee value with UVA line: $73,000 with payment of salaries and $79,000 without payment of salaries. This modality has a fixed rate and varies month to month according to inflation data.
- Initial payment value with traditional line : $300,000. In this case, the adjustment will depend on the country's macroeconomic variations.
Banco Credicoop offers two lines of mortgage loans
Requirements and conditions to access the mortgage loan from Banco Credicoop
Regarding the common characteristics for both lines, we have:
- Up to 240 months term
- Maximum amount: $200,000,000
- Financing cap of 70% for first home and 50% for second home
- 25% fee/income ratio
- The financing is for the acquisition, construction, expansion, improvement and/or completion of housing for family use and permanent occupation or second home.
- Minimum net income: $2,000,000, which can be added to the cohabiting family group
UVA mortgage loans from Banco Credicoop: what the borrower must sign
“Based on the experience we have already had with the UVA line and the impact it may have on the updating of the debt and installment value, we have incorporated a complementary note to the application with recommendations and warnings that policyholders must take into account. of the line at the time of prequalification and at the signing of the mortgage mutual agreement,” the entity stated and shared the data to take into account before taking out a UVA loan:
- The amount of pesos corresponding to the capital of the credit will be equivalent to a certain amount of UVAs, according to the value of the UVA published by the BCRA on the day of signing the loan deed.
- The value of the UVA will be updated daily and published periodically by the BCRA, applying the Reference Stabilization Coefficient (CER). The CER is a daily adjustment index prepared by the Central Bank of the Argentine Republic, which reflects the evolution of inflation, based on the variation registered in the consumer price index prepared by the INDEC.
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